KBC Market Research Desk
KBC Bank
European shares show little momentum today, trading broadly sideways, asECB Constancio’s hints on QE failed to boost sentiment. US Equities trade sideways too after another batch of weaker US eco data.
The ECB will wait until the start of next year before considering whether to embark on mass government bond buying, ECB’s Constancio said today, adding that they would buy sovereign debt in proportion to member states’ capital keys at the central bank.
US initial jobless claims picked up to 313 000 from 292 000 in the previous week, the highest level in almost three months, against expectations for a broadly stable outcome. Although no states’ data were estimated, the uptick might be due to volatility around the Thanksgiving holidays.
After yesterday’s weaker Conference Board’s index, also the final reading of Michigan consumer confidence for November was downwardly revised, from 89.4 to 88.8, while the consensus was looking for a limited upward adjustment to 90.0.
The OPEC’s leader and largest producer Saudi Arabia signalled it will not push for a big change in production targets, ahead of tomorrow’s OPEC meeting, as they believed the oil market will stabilise itself eventually. The Brent oil price dropped further after the remarks, to $77.50/barrel.
This non-exhaustive information is based on short-term forecasts for expected developments on the financial markets. KBC Bank cannot guarantee that these forecasts will materialize and cannot be held liable in any way for direct or consequential loss arising from any use of this document or its content. The document is not intended as personalized investment advice and does not constitute a recommendation to buy, sell or hold investments described herein. Although information has been obtained from and is based upon sources KBC believes to be reliable, KBC does not guarantee the accuracy of this information, which may be incomplete or condensed. All opinions and estimates constitute a KBC judgment as of the data of the report and are subject to change without notice.
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