KBC Market Research Desk
KBC Bank
European shares opened lower this morning, but reversed their losses supported by strong PMI business confidence surveys. US Equities opened lower following a weaker than expected ADP employment report.
The US Manufacturing ISM extended its downtrend in March and fell for a fifth consecutive month. The headline index dropped from 52.9 to 51.5 as a slowdown in orders and stalling employment weighed.
The UK manufacturing PMI rose for a third straight month in March, increasing from 54.0 to 54.4, exactly in line with market expectations. The improvement was led by new orders, which rose at the fastest pace in eight months and exports rising to its strongest level since August.
Ireland’s central bank revised up its growth forecasts for this year to 3.8%, citing higher exports and consumer spending. The central bank said the momentum of the recovery in the Irish economy continues to build and broaden with domestic demand now making a significant positive contribution to growth.
Italian Economy Minister Padoan said the government will present its updated three‐year budget plan to Parliament next week, adding that it will be as expansively as possible.
The Eurogroup Working Group will hold a conference call on Greece this afternoon. A German Finance Ministry spokesman said however that he does not expect more to come out of it than an interim assessment of Greece’s situation.
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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