KBC Market Research Desk
KBC Bank
European shares gave up initial gains as headlines on European sanctions vis‐à‐vis Russia weighed. US equities trade flat. After reaching a new record high in the opening, the S&P couldn’t extend gains on a very strong manufacturing ISM.
An independent poll showed today that Scottish voters were shifting rapidly towards support for independence. With less than three weeks to go, a YouGov survey showed the unionist lead had shrunk to 6%from 22% a month ago. Sterling weakened significantly after the poll results.
Russian Foreign Minister Lavrov called on the US to push Kiev into giving up its military campaign against pro‐ Russian rebels in the east and negotiate a political compromise. In the meantime, the EU is considering a widening of its ban to borrow and raise capital in Europe to all Russian state‐owned firms.
The Swiss economy stalled in the second quarter as stagnating growth in Europe weighed on exports. The stabilization in growth was the weakest performance in two years and well below forecasts for a 0.5% Q/Q growth rate. The Swiss franc weakened slightly today.
Gold futures ($1269.40/ounce) dropped today to their lowest level in 2.5 months as interest rates edged up. Brent crude oil prices edged lower too ($101.73/barrel) on signs of slowing demand.
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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