KBC Market Research Desk
KBC Bank
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European shares opened significantly higher, supported by the Opec deal, but sentiment weakened somewhat during the session. US Equities opened slightly lower following two session of strong gains.
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Fed's Harker said today he would have been very comfortable with a rate hike in September, but there were disagreements among colleagues. Harker added that a December rate hike would be appropriate if things continue on the trajectory he anticipates.
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German consumer prices rose by 0.5% Y/Y in August, up from 0.3% Y/Y in July, the strongest annual rate since May 2015. Upward price pressures were based in food and energy and package holidays. Spanish inflation turned positive for the first time in more than two years, picking up from ‐0.3% Y/Y to 0.1% Y/Y.
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US initial jobless claims rose only marginally in the week ending the 24th of September, from 251 000 to 254 000, while an increase to 260 000 was forecast. Continuing claims dropped to a new cyclical low of 2 062 000. The Labour Department said there were no special factors and no states were estimated.
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The deputy governor of Ireland's central bank sounded upbeat over the state of the Irish economy, suggesting growth continues to hover around 5 per cent, but highlighted the threats posed by Brexit and fragile bank balance sheets.
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European Commission's economic confidence jumped this month to its highest level since the start of the year, boosted by an improvement in manufacturing and retail confidence.
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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