KBC Market Research Desk
KBC Bank
European shares opened lower this morning driven by the disappointing US market reaction on the new Apple product launch. Intraday, most of the losses were recovered. US Equities trade with a small negative bias at the opening.
Jean‐Claude Juncker, the president‐elect of the European Commission, has put centre‐right allies in key economic posts in the incoming EU executive, a sign France's Pierre Moscovici, the lone centre‐left politician among the group, could have difficulty shifting Europe's approach to the economic crisis.
EUR/CHF rose above 1.21 as the Swiss franc slid the most in over 6 months after a report that the Swiss National Bank is “open” to negative interest rates.
France announced it was breaking the latest in a long line of promises to European Union partners to cut its public deficit, conceding it now would take until 2017 to bring its finances in line with EU rules.
Turkey's economy grew less than expected in the second quarter (2.1 Y/Y), sending the lira to its lowest in more than five months and prompting the finance minister to warn a 4‐percent full‐year growth target may be missed.
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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