European shares rebounded today after the Fed maintained its promise to keep rates low for some time. US Equities opened higher too with the Dow at record highs, while also the S&P is nearing its all‐time highs.
The ECB announced today that banks borrowed €82.6 billion through its first targeted LTRO, which was well below market expectations, looking for a take‐up of around €150 billion. Banks will get a second chance to apply for cash in December. ,
The Norges Bank decided today to keep rates unchanged at 1.50%, in line with expectations. The Norwegian crown rose sharply today as the central bank skipped its downside risks for the policy rate, but signalled that the first rate hike would come later than earlier projected.
The Swiss National Bank held rates unchanged at zero this morning and said it stood ready to take more steps “immediately” if needed to defend the cap against the euro at 1.20. The Swiss franc strengthened after the announcement as some had expected the central bank to cut rates into negative territory.
Irish growth remained surprisingly strong in the second quarter, increasing by 1.5% Q/Q, while the annual growth rate picked up to 7.7% Y/Y. The data may exaggerate the improvement in conditions but confirm that the recovery is strengthening and broadening.
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.
Recommended Content
Editors’ Picks
AUD/USD holds above 0.6500 in thin trading
The Australian Dollar managed to recover ground against its American rival after AUD/USD fell to 0.6484. The upbeat tone of Wall Street underpinned the Aussie despite broad US Dollar strength and tepid Australian data.
EUR/USD comfortable below 1.0800 lower lows at sight
The EUR/USD pair lost ground on Thursday and settled near a fresh March low of 1.0774. Strong US data and hawkish Fed speakers comments lead the way ahead of the release of the US PCE Price Index on Friday.
Gold price finishes Thursday’s session set to reach new all-time highs
Gold price rallied during the North American session on Thursday and hit a new all-time high of $2,225 in the mid-North American session. Precious metal prices are trending higher even though US Treasury yields are advancing, underpinning the Greenback.
Bitcoin price extends retreat from $69K as old whales shift their holdings to new whales
Bitcoin price continues to move further away from the $69,000 threshold, gaining ground as BTC bulls hope for a retest of the $73,777 peak. This is because of the general assumption that clearing this blockade would set the tone for a reach higher, marking a new all-time high.
Bears have been standing before a steamroller so far this year
Despite a pushback on rate cuts from Christopher Waller, and what was supposed to be cautious trading sentiment ahead of critical US inflation data released later on Friday, the S&P 500 rose on Thursday, marking its best first-quarter performance in five years.