SLOVENIA
EU Commission tells Slovenia to boost economy, prop up healthcare
A new set of recommendations issued to Slovenia by the European Commission in the face of the new coronavirus reality calls on the country to take all needed economic measures to support the recovery, provide social protection, as well as resilient systems of healthcare and long-term care. (STA)
Revoz layoffs to affect mostly agency workers
After confirming that it will lay off about 400 workers, the Slovenian Renault subsidiary Revoz said on Wednesday that most of them will be agency workers and those nearing retirement. The cut may reach 450 posts if night shift workers transferred to the day shift find their salaries too low. (STA)
Financial Administration collects 25% less in April due to epidemic
The Financial Administration (FURS) collected EUR 1.2 billion in April, which is 25% less than in the same month last year, the drop being attributed to the slowdown of business due to the coronavirus epidemic. A 4% drop in collected taxes and other levies was already recorded in March, half of which was affected by the anti-epidemic measures. (STA)
Steklarna Hrastnik slashing workforce due to coronavirus fallout
In the wake of the economic fallout of the coronavirus epidemic, glass maker Steklarna Hrastnik plans to reduce its workforce by almost a tenth by September, having recorded a severe contraction of demand. (STA)
INTERNATIONAL MARKETS
Dow drops more than 300 points to snap 3-day winning streak, Home Depot and Walmart fall; European markets close lower as investors monitor coronavirus vaccine progress, economic data; BELEX15 flat; Another budget rebalance possible
Stocks fell for the first time in four days on Tuesday, giving back some of the strong gains from the previous session, amid sharp losses from retail and bank shares. The Dow Jones Industrial Average dropped 390.51 points, or 1.6%, to close at 24,206.86. The S&P 500 slid 1.1% to 2,922.91 while the Nasdaq Composite lost 0.5% and closed at 9,185.10.
Home Depot shares lost 3% to lead the Dow lower after the home improvement retailer said net income last quarter dropped 10.7% due to extra costs related to the pandemic. Although the retailer also said sales increased by 7% for the period. Walmart shares were down 2.1%, giving up earlier gains, despite soaring e-commerce sales in the first quarter.
European stocks finished in the red on Tuesday, halting the positive trend set at the start of the week, as investors monitored hopes for a coronavirus vaccine and outlooks for economic recovery. The pan-European Stoxx 600 reversed earlier gains to slide 0.5%. Autos tumbled 1% to lead losses while insurance stocks bucked the negative trend to edge 0.3% higher.
On the data front, new EU car registrations fell 76.3% in April, from the same month a year ago, according to data published Tuesday from the European Automobile Manufacturers Association (ACEA).
Serbian BELEX15 was almost with no change - up only 0.08%. The most traded name was Komercijana Banka again, with RSD 8.5m in volume. Top gainer was Energoprojekt as it added 9.6%, while only 25 shares were traded. Bonds were also very active with around EUR 5m in volume.
Serbian Prime Minister, Ana Brnabic, announced the possibility of a budget rebalance, depending on the revenues. As the situation is favorable at the moment, as she says, this will not happen immediately. (CNBC, ILIRIKA)
