KBC Market Research Desk
KBC Bank
European shares trade cautiously higher today, supported by a weaker euro. In the US, Equities opened lower as the strong payrolls report brings a first rate hike closer, pushing the US dollar further up.
The February US payrolls report came out remarkably strong, showing a net increase in employment by 295 000, well above the market consensus. The unemployment rate extended its downward trend, falling to a new 7.5‐year low of 5.5%. Wage growth remains however the missing link.
Greece repaid today the first €310 million instalment of a loan from the IMF that falls due this month. In total, Greece must repay €1.5 billion this month with other instalments on March 13, 16 and 20.
The Deputy Governor of the Swedish Risksbank, Per Jansson, warned today that the recent strengthening of the SEK will increase the likelihood of further action from the central bank if the SEK continues to strengthen. The krona however rose further today.
Rating agency Fitch said today that the euro zone would suffer a significant shock if Greece left, but it would be unlikely to trigger a systemic crisis like that in 2012.
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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