KBC Market Research Desk
KBC Bank
European shares opened mixed this morning, but lost further ground during the session following mixed corporate earnings. European indices lose up to 1.5%. In the US, Equities opened lower too following poor earnings and an disappointing durables report.
US data were mixed to better. Awful durable orders for December put question marks behind the strength of the supply side, but were offset with slightly better Markit PMI and strong New Home sales. The best indicator was consumer confidence that sky‐rocket, probably due to lower energy prices and stronger labour markets.
Greece’s new Prime Minister Alexis Tsipras announced today his new cabinet, handing the top economic posts to a senior former communist politician and a University professor who has become its closest economic advisor. Only one ministerial post went to Syriza’s coalition partner, the rightwing Independent Greeks party leader was named minister of defence.
The Swiss franc weakened further against the euro today after the Swiss National Bank said it is ready to intervene in the currency market to ease policy after ditching its cap on the Swiss franc.
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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