Blue chips edge higher
Yesterday the SBI TOP index of the Ljubljana Stock Exchange edged 0.13% higher to 887.47 points as household appliance maker Gorenje, insurer Zavarovalnica Triglav, pharma company Krka and chemical company Cinkarna Celje contributed a lion's share to EUR 980,550 in total turnover.
Annual inflation at 1.9% in July
Slovenia's annual inflation rate declined to 1.9% in July from 2.1% in June, as prices dropped by 0.9% on average at the monthly level due to summer apparel and footwear sales.
Trump to propose 25-percent tariff on $200 billion of Chinese imports
The Trump administration plans to propose slapping a 25-percent tariff on $200 billion of imported Chinese goods after initially setting them at 10 percent, in a bid to pressure Beijing into making trade concessions, a source familiar with the plan said on Tuesday.
Dow rises more than 100 points to close out best month for stocks since January; European stocks close higher after report says US, China seeking to restart trade talks
Stocks rose on Tuesday after a report said the U.S. and China are seeking talks to defuse an escalating trade conflict between the two countries. Equities were also headed for their biggest monthly gains since the start of the year. The Dow Jones Industrial Average rose 150 points, with 3M, Caterpillar and Boeing as the best-performing stocks in the index. The S&P 500 gained 0.6 percent as industrials rose nearly 2 percent. The Nasdaq Composite advanced 0.8 percent. The corporate earnings season continued on Tuesday with Dow components Procter & Gamble and Pfizer reporting better-than-expected earnings. Shares of Procter were up 0.6 percent, while Pfizer's stock gained 3 percent. Apple, another Dow component, is scheduled to report Tuesday after the close. European stocks closed higher after a report said that the U.S. and China are trying to restart trade talks, while traders continued to monitor corporate earnings. The pan-European Stoxx 600 closed provisionally 0.18 percent higher, with most major bourses and sectors in the black. Media shares rose 0.21 percent on earnings. Vivendi rose 3.74 percent after reporting first-half results. The company said it could sell up to half of its Universal Music Group assets. Tuesday is a big day for earnings in Europe. Credit Suisse reported Tuesday a net income of 647 million Swiss francs ($655.33 million) for the second quarter of the year. The figure beat analysts' expectations, which had pointed to a net income around 550 million Swiss francs. Shares rose 1.14 percent. BP's profit surged in the second quarter of 2018 and the oil giant hiked its dividend for the first time in four years. Shares were up 1.37 percent on the news. Market sentiment had been dented by economic data showing the euro area grew only 0.3 percent in the second quarter of the year from the first quarter. According to the region's statistical office, this was due to concerns over international trade amid higher tariffs and barriers. In terms of inflation, prices rose 2.1 percent year-on-year in July from 2 percent in June, the Eurostat said Tuesday.
SORS: GDP grew 4.4% in 2Q, industrial output up 3.9% y/y in June
In the 2nd quarter of 2018, real GDP increased by 4.4% in comparison to the corresponding period of the previous year, SORS reported. The calculation of quarterly GDP for the 2nd quarter 2018, which is more detailed and compiled at lower levels of aggregation by deflation method, will be published in statistical release Quarterly GDP in the Republic of Serbia on August 31, 2018. The industrial production in the Republic of Serbia in June 2018, when compared to June 2017, increased by 3.9% and compared to 2017 average, the increase of 5.6% was recorded. In the mentioned period, relative to the same period 2017, the industrial production increased by 4.2%. Manufacturing recorded the increase of 3.6%, in the period January – June 2018, compared to the same period 2017.
FITO: Fitofarmacija reported flat 1H18 net profit
Galenika Fitofarmacija (FITO), agrochemical company, reported RSD 1.2bn in its 1H18 net profit, flat y/y. The company’s operating profit was down 7.7% to RSD 1.08bn, due to lower sales and slightly lower profitability. Sales arrived at RSD 3.2bn, down 4% y/y and this was a kind of surprise. Decrease arrived on the back of lower domestic sales, while export jumped over 50% y/y to RSD 370m. Given the seasonal effects of Fitofarmacija business, we believe this numbers indicate that FY result will not differ significantly from 2017 level.
Source: FITO, Ilirika
Russians start building high speed railway section in Serbia
The first kilometer of the new high speed railway in Serbia has been laid on the Stara Pazova-Indjija section, where train speeds will reach 200 km/h. The company RDZ (Russian Railways) International announced that it had started permanent way construction for the speed of 200 km/h on the 7-kilometer long section. The contractual price of the Agreement, signed in November 2017, is about USD 248 million, while the works are scheduled to be completed in 2021, the company announced.