• European shares remained under heavy pressure today, with intraday losses amounting to almost 3%, but part of the losses were reversed when US traders joined dealings. US Equities opened lower too though, despite mostly stronger economic data. The S&P is losing about 1.50%.

  • Greek 10‐year yields rose sharply today, reaching almost 9% due to political uncertainty and concerns about the country’s ability to exit its bailout programme. The ECB announced today to change rules on collateral quality to give Greek banks access to more funding.

  • The IMF said today that there may be too many banks in continental Europe and authorities should make it easier for weak banks to be shut or exit the industry. Another IMF representative said that the world’s economy recovery remains weak and warned that some assets are still overpriced.

  • The US NAHB housing market index weakened from 59 to 54 in October after reaching its highest level in almost 10 years in September as homebuilders were less optimistic on present sales, while also buyers traffic weakened. The Philadelphia Fed index weakened slightly in October, from 22.5 to 20.7, slightly less than expected.

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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