KBC Market Research Desk
KBC Bank
European shares reversed their opening losses following strong PMI data, but traded sideways afterwards. US Equities opened slightly higher too after jobless claims data showed a sharp drop last week, but poor home sales data soured sentiment.
US new home sales surprised on the downside of expectations in June, falling by 8.1% M/M to a total of 406K. Also the previous month’s figure was sharply downwardly revised. The consensus was looking for an outcome of 475K.
Spain’s unemployment rate fell to 24.5% in the second quarter, down from 25.9% during the first three months of the year, the national statistics bureau said today. The unemployment rate is now again at its lowest rate since the second quarter of 2012.
Gold futures dropped sharply today, from opening levels above $1306/ounce to $1293/ounce after data showed that demand for gold from China dropped during the first half of 2014.
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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