KBC Market Research Desk
KBC Bank
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European shares ended their 5‐day rally, trading slightly lower, as profit taking kicked in ahead of the weekend. US Equities opened slightly lower too.
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The US Empire State manufacturing index extended its rebound in April with the headline reading increasing from 0.62 to 9.56, its highest level since January last year. The details are more mixed with especially a strong increase in prices catching the eye.
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Brent crude oil prices dropped more than 3%, trading around $42.40/barrel, as Iran’s oil minister said he won’t attend the Doha meeting during the weekend.
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Citigroup announced today a drop in its first quarter profit by 27% as revenues from trading and investment banking dropped, but its profit was still ahead of expectations.
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Today, the IMF/World Bank/G20 meeting in Washington starts. On Sunday, OPEC and non‐OPEC members will meet in Doha to discuss a potential output freeze.
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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