KBC Market Research Desk
KBC Bank
After rebounding strongly on Friday, European shares fell back today, led by the German Dax (‐1.5%) after the Bundesbank gave a bleak outlook for the German economy and after disappointing results from Philips and SAP. US Equities try to fight back. The Nasdaq and S&P trade marginally higher, while the Dow underperforms.
The Bundesbank gave today a bleak outlook for the economy in its monthly report saying that the German economy barely grew, at best, in the third quarter, adding that the outlook for the final quarter of the year was similarly modest.
Belgian consumer confidence dropped from ‐11 to ‐12 in October, following a stabilisation in September. Consumers were more cautious regarding the economic situation and were less optimistic regarding their financial situation.
Tomorrow morning in Asian trading, China will publish its first estimate of Q3 GDP growth, which is expected to show a slowdown in the annual growth rate from 7.5% to 7.2% Y/Y.
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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