KBC Market Research Desk
KBC Bank
Next Report will be published on Monday 9th of May 2016
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European shares opened slightly higher this morning, but sentiment worsened soon, pushing equities down again. Currently most European indices lose up to 1%. US Equities opened lower (‐0.5%) following a disappointing ADP report.
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The US non‐manufacturing ISM rose for a second straight month in April, from 54.5 to 55.7, beating the market consensus of 54.8. The details were robust too.
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Despite years of institutional reforms, the EU is still exposed to significant vulnerabilities, most notably a British exit from the Union or a Greek ejection from the single currency area, Moody’s warned, adding that the threat of accidents derailing the block are higher than they have ever been.
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For the first time since October last year, euro zone retail sales dropped in March, confirming that the early Easter failed to boost sales. Retail sales dropped by 0.5% M/M, while only a marginal decline (by 0.1% M/M) was expected.
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Crude oil prices rebounded this afternoon with the Brent currently trading around $45.70/barrel and the WTI around $44.5/barrel. OPEC members said there are currently no proposals on the table to revive limits on output at its June meeting as freeze proposals are no longer necessary because of subsequent changes in the market.
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Tomorrow, the Chinese and UK services PMI’s will be released and on Friday the US payrolls are on the agenda.
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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