The Bucharest Stock Exchange (BVB) opened Monday morning’s session “in the red”, with all stock market indices declining after the results of the first round of the presidential elections put pro-Russian Calin Georgescu in first place. The BET index has been de-correlated since the summer (July 24, 2024) with the evolution of the US stock indices, with which it has recorded a relatively close evolution in recent years. This indicates a decreasing buying pressure from foreign investors and even a possible more sustained presence in the sale. An example is the trading session of November 19: both BET and the US indices started to sell aggressively around 16:00, Romanian time. The US market recovered, however, during the US stock market session, while the Bucharest stock exchange closed at 18:00 local time with a minus of 1.6%. Although it outlined a slight recovery the next day, this failed to be sustained. BET is now down more than 10% from its significant high on July 24, which coincides with the high on July 24, 2007, and marks a 17-year cycle. In comparison, U.S. stock indexes have continued to rise since the summer and are up more than 25% year-to-date. All this dynamics indicate a possible de-risking process for the local market (emerging markets in general) of external managers, in the context of several risks looming on the horizon for Romania and the stock markets in general, from 2025 onwards. However, a 10% correction for BET is healthy after the massive almost vertical rally started in November 2022.
President Nicușor Dan has nominated Senate president Ilie Bolojan, a leader of the National Liberal Party (PNL) and former interim president, for the prime minister seat. Dan said Bolojan is “the best person to carry out the needed adjustments in the state administration.” He pointed to Bolojan’s track record with reducing spending, and said he has […]
Balkanik Festival – Home of World Music, set to take place at Uranus Garden between September 5 and September 7, lines up this year artists who "celebrate that form of joy that does not ignore reality, but faces it with beauty, energy, and solidarity," the organizers said. The artists performing in September in Bucharest will […]
The mayor of Timișoara, Dominic Fritz, announced on Friday, June 20, that two new bridges over the Bega River will be built in the city. The bridges will be financed with EU-backed funds worth over RON 130 million. The bridges in question are the Solventul Bridge, which will connect Gării Street to Dâmbovița Boulevard and […]
A Sarmatian necropolis nearly 2,000 years old was discovered after archaeological excavations were carried out at the Mehala II site in the municipality of Timișoara, in western Romania. Researchers discovered 15 inhumation graves, most arranged in rectangular pits with rounded corners, although some no longer retain their original outline, having been disturbed by the passage […]
The George Enescu Philharmonic Orchestra will deliver on June 26 a concert marking Romania Day at the Osaka World Expo. Additionally, the Bucharest-based orchestra will present a series of other concerts and recitals, both within the Romanian Pavilion and outside, at Toyonara Hall in Osaka. The George Enescu Philharmonic Orchestra's concerts will be conducted by […]
Sphera Franchise Group, the largest food service group in Romania, has opened its first Cioccolatitaliani store in the seaside resort of Riccione, in Italy’s Rimini tourist area. This marks the official launch of Sphera Group’s development plan for the premium Italian brand of coffee, gelato, and pastry. Under the plan, it will open four locations […]
