SLOVENIA
Telekom Slovenije sees Q1 net profit rise by 12% y/y as sales drop by 2%
Telecoms group Telekom Slovenije saw net its profit rise by 12% year on year to EUR 11.3 million in the first quarter of the year, as sales dropped by 2% to EUR 168.6 million. (STA)
Govt not considering raising taxes amid crisis
The government is not considering raising taxes to cover financial costs of the state stemming from the coronavirus crisis. Finance Ministry State Secretary Peter Ješovnik told the press on Thursday that the measures to help the economy and population would be funded through loans Slovenia has taken out in international markets. (STA)
INTERNATIONAL MARKETS
Dow falls for a third-straight day, losing 500 points after Powell’s warning; European shares close 2% lower as coronavirus fears weigh on investor confidence; BELEX15 up 0.69% as Belgrade Airport, Metalac and NIS saw upwards trend; NBS Expects 1.5% Lower GDP This Year
Stocks fell on Wednesday as investors grappled with downbeat remarks from the top-ranking Federal Reserve official along with worries over the market’s valuation.
The Dow Jones Industrial Average dropped 516.81 points, or 2.1%, to 23,247.97. The 30-stock average had its worst day since May 1. The S&P 500 closed 1.8% lower at 2,820 while the Nasdaq Composite fell 1.6% to 8,863.17. The tech-heavy index also fell back into negative territory for 2020 after Wednesday’s decline.
Fed Chairman Jerome Powell said that more needs to be done to support the economy. The major averages were also under pressure after billionaire investor David Tepper called this market the second-most overvalued he’s ever seen.
European stocks closed sharply lower on Wednesday as concerns over a second wave of coronavirus infections, and the timing of a vaccine, weighs on investor sentiment.
The pan-European Stoxx 600 dropped 2% by the close, with travel and leisure stocks falling 4.8% to lead losses as all sectors and major bourses finished in negative territory.
Commerzbank swung to a loss in the first quarter as the coronavirus pandemic and increased loan loss provisions weighed on Germany’s second-largest lender. The bank posted a net loss of 295 million euros ($319.99 million). Commerzbank shares were down 7% by the close.
BELEX15 added 0.7% as NIS extended its advance, while Belgrade Airport and Metalac also contributed. The most traded name was NIS, with RSD 6.8m in volume.
The National Bank of Serbia projects, taking into account the effects of the pandemic and the measures adopted by the Government and NBS, the GDP to contract by around 1.5% in 2020 in real terms, and to increase by around 6% in 2021. (CNBC, ILIRIKA)
