KBC Market Research Desk
KBC Bank
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European shares opened in positive territory, but soon reversed their gains. The Dax underperforms, losing more than 1%, after Deutsche Bank shares hit a record low. US Equities opened slightly lower.
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Saudi Arabia and Iran dashed hopes that OPEC oil producers could clinch an output‐limiting deal in Algeria this week as sources within the group said the differences between Saudi Arabia and Tehran remained too wide. Both the Brent and WTI oil price dropped more than 2% today with the Brent hovering around $46/barrel.
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British retail sales fell unexpectedly this month after a strong showing in August, the CBI survey showed, but retailers expected sales to recover in October.
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Euro zone M3 money supply unexpectedly picked up in August, accelerating to 5.1% Y/Y from 4.9% Y/Y in July. Lending data were however slightly disappointing with loans to non‐financial corporations falling from the previous month, while lending to households accelerated slightly.
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The World Trade Organization cut its forecast for global trade growth this year to 1.7% from 2.8% in April, reflecting a slowdown in China and falling levels of imports into the United States.
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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