KBC Market Research Desk
KBC Bank
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The post‐FOMC rally on equity markets ran into resistance today with European shares losing about 0.5%. US Equities opened lower too in an uneventful session.
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The IMF called on euro zone governments to take bolder action to ease Greece's debt burden, saying that measures currently on the table do not go nearly far enough to address the country's chronic problems.
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Fed's Rosengren warned today the US central bank's failure to get back to a strategy of gradual rate increases may threaten the ongoing US economic recovery. Rosengren added that a significant overshoot of full employment could shorten the recovery.
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The Canadian dollar weakens sharply today, ending a four day winning streak, after a set of disappointing eco data. Core retail sales dropped for a second straight month in July and also inflation data came out well below expectations. Core inflation dropped to 1.8% Y/Y, its lowest level in two years.
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Brent crude oil prices are trading higher for a fourth straight session, hovering currently around $47.70/barrel. According to Reuters, Saudi Arabia could reduce its crude production should regional Iran cap its own output this year.
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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