SLOVENIA
Support for EUR 3bn relief package certain, additional aid pending
The plenary debate ahead of what looks like a certain adoption of a EUR 3 billion stimulus package to help companies and households weather the coronavirus crisis has seen uniform agreement among parties that the aid is needed, the opposition would however like to see it expanded to all affected groups. (STA)
Telekom sees 2019 profit eroded by buyout of media arm
Telekom Slovenije, the majority state-owned telecoms incumbent, posted a group net profit of EUR 1.2 million for 2019, a fraction of the EUR 33.3 million it recorded a year before, largely due to a one-off payment over a now dissolved media joint venture.
INTERNATIONAL MARKETS
Stocks hit session lows in final hour, with the Dow down 1,100 points; European shares close 3% lower after US warns of soaring coronavirus death toll; banks fall 6%; BELEX15 up 3.5% after Belgrade Airport surged 20%
Stocks sank on Wednesday as Wall Street kicked off the second quarter on a sour note thanks to persistent concerns over the spread of the novel coronavirus.
The Dow Jones Industrial Average traded 1,100 points lower, or 5%. The S&P 500 slid 5% while the Nasdaq Composite lost 4.9%. The major averages hit their session lows with less than one hour left in the trading session.
President Donald Trump said Tuesday evening the U.S. should prepare for a “very, very painful two weeks” from the rampant coronavirus. White House officials are projecting between 100,000 and 240,000 virus deaths in the U.S.
European markets declined Wednesday as global market sentiment continued to take a pummeling amid the coronavirus outbreak.
The pan-European Stoxx 600 fell 3% by the close, with travel and leisure stocks leading losses on a 6.3% decline. Banks fell 5.8% after U.K. lenders announced they would scrap dividends in 2020 following pressure from the Bank of England.
Meanwhile, Asian stocks fell on Wednesday despite a private survey showing Chinese manufacturing activity had expanded slightly in March.
Serbian BELEX15 was up 3.5%, while this was after Belgrade Airport posted surprise 20% surge, on very low volume. NIS was the most traded stock, which generated over half of overall trade volume on the market (RSD 12m). From the macro picture, we mainly had positive feedback from domestic economists and entrepreneurs, towards announced state economic support, while some local banks believe Serbia is to be less affected by covid-19 economic consequences vs. other SEE countries.
Source: CNBC, Ilirika
