KBC Market Research Desk
KBC Bank
After posting steep losses in the previous days, European shares rebound by about 2% supported by ECB comments that they will start buying private sector debt in the coming days. US Equities opened in positive territory too, gaining 1%.
The ECB will start buying private‐sector debt instruments within days in order to steer the balance sheet of the ECB to higher levels and improve the transmission to the real economy, ECB’s Coeuré said.
Russian President Putin and his Ukrainian counterpart Poroshenko failed to make any progress in solving the crisis in Ukraine in a meeting in Milan today, which according to the Kremlin was full of misunderstandings and disagreements.
The People’s Bank of China is set to inject about 200 billion yuan in three‐month loans into five or six mediumsized listed banks to keep liquidity ample and support the slowing Chinese economy, four sources said today, according to Reuters.
Bank of England’s Chief Economist Haldane said today that benchmark interest rates can remain lower for longer without endangering the inflation target due to slower global growth, heightened geopolitical and financial risks and the weak pipeline of inflationary pressures.
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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EUR/USD moves up and down in a narrow channel slightly above 1.1150 on Friday. In the absence of high-tier macroeconomic data releases, comments from central bank officials and the risk mood could drive the pair's action heading into the weekend.
GBP/USD stabilizes near 1.3300, looks to post strong weekly gains
GBP/USD trades modestly higher on the day near 1.3300, supported by the upbeat UK Retail Sales data for August. The pair remains on track to end the week, which featured Fed and BoE policy decisions, with strong gains.
Gold extends rally to new record-high above $2,610
Gold (XAU/USD) preserves its bullish momentum and trades at a new all-time high above $2,610 on Friday. Heightened expectations that global central banks will follow the Fed in easing policy and slashing rates lift XAU/USD.
Week ahead – SNB to cut again, RBA to stand pat, PCE inflation also on tap
SNB is expected to ease for third time; might cut by 50bps. RBA to hold rates but could turn less hawkish as CPI falls. After inaugural Fed cut, attention turns to PCE inflation.
Bank of Japan set to keep rates on hold after July’s hike shocked markets
The Bank of Japan is expected to keep its short-term interest rate target between 0.15% and 0.25% on Friday, following the conclusion of its two-day monetary policy review. The decision is set to be announced during the early Asian session.
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