KBC Market Research Desk
KBC Bank
After showing broad‐based gains yesterday, European shares reversed course today with most indices losing up to 1% as poor eco data and Greek uncertainty weighed. In the US, Equities opened lower too, but reversed part of their losses after strong consumer confidence.
Talks between Greece and its international lenders have not yet reached a deal, but are expected to continue, the European Commission said today and added that talks are constructive.
US Conference Board’s consumer confidence rebounded from an upwardly revised 98.8 to 101.3 in March, instead of an expected stabilization. The improvement was entirely based in expectations, while the present situation index dropped slightly.
Britain’s economy expanded at a faster pace than previously estimated in the fourth quarter. Q4 GDP was upwardly revised from 0.5% Q/Q to 0.6% Q/Q, boosted by a strong performance of exports.
China will introduce a scheme to insure bank deposits from the first of May, the government announced today. Deposits of up to 500 000 yuan will be insured under the scheme, which is expected to help reduce financial risks and protect the rights and interest of savers, the cabinet said.
In the US, the Chicago PMI barely improved in March with the index picking up from 45.8 to 46.3, following a record drop in February. The consensus was looking for a more significant rebound, to 51.7.
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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