KBC Market Research Desk
KBC Bank
European shares opened lower this morning, but reversed their losses soon, supported by strong EMU PMI’s. In the US, Equities opened mixed, but try to fight back.
UK CPI inflation slowed to zero in February, down from 0.3% Y/Y in January and a new record low for the UK. Core CPI slowed to 1.2% Y/Y. Both were below the market consensus.
US new home sales came out surprisingly strong in February, rising to its highest level in almost 7 years. New home sales rose by 7.8% M/M, while a decline by 3.5% M/M was expected and also the previous figure was significantly upwardly revised.
Greece will run out of money by April 20 unless it receives fresh aid from its creditors, Reuters reports quoting sources familiar with the matter, who added that the country can use short‐term borrowing from public entities for a few more weeks.
Hungary’s central bank cut its main interest rate by 15 basis points to 1.95% today, slightly less than the 20 bps expected rate cut. The central bank added that it can continue its cautious rate cuts as long as they support reaching the CPI target. The Hungarian forint strengthened after the decision.
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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