KBC Market Research Desk
KBC Bank
European shares shrugged off the Greek election results, extending their post ECB‐rally. Most European indices gain around 0.50%. Greek stocks underperform, trading about 4% lower. US Equities opened lower, in the absence of important data or earnings.
Greece’s leftist leader Tsipras was sworn in as Prime Minister of Greece today and assured President Papoulias he has enough support to form a government. The leader of the Independent Greeks party said they will participate in the Tsipras government. Tsipras is expected to announce his cabinet by tomorrow.
Oil prices at current levels, around $45 and $55/barrel, may have reached a floor and could move higher very soon, the OPEC Secretary‐General Abdullah al‐Badri said today and added that Saudi Arabia is a stable government, and things will be normal.
A surge in fighting in eastern Ukraine prompted US and European leaders to threaten new sanctions against Moscow. The prospect of a fresh round of Western sanctions hit the rouble today, which already suffered heavily from the falling oil price.
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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