KBC Market Research Desk
KBC Bank
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European equity markets profited from positive Asian risk sentiment and gained 0.5%‐1%. The move mainly occurred in the opening, after which sideways trading developed. US stock markets also opened around 0.5% higher.
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Euro‐area economic momentum accelerated to the fastest pace this year, adding to evidence that growth is becoming more resilient. The October composite PMI rose to 53.7 in October from 52.6 in September (vs 52.8 expected), IHS Markit said. This is the fastest pace since the beginning of 2016.
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The Belgian government says that it cannot yet give the necessary backing to the European Union's free trade deal with Canada, making it unlikely that the bloc can sign the deal officially on Thursday as planned.
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Oil prices were muted today as details for any coordinated supply deal among the world's biggest producers remained scant, despite the Saudi energy minister saying the Kingdom and Russia "are getting closer" to reaching a common viewpoint.
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AT&T's blockbuster $85.4B deal to buy Time Warner promises to reshape the media landscape—if the companies can navigate a series of obstacles, including possible opposition from U.S. antitrust authorities and objections by lawmakers and media and telecom rivals.
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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EUR/USD consolidates weekly gains above 1.1150
EUR/USD moves up and down in a narrow channel slightly above 1.1150 on Friday. In the absence of high-tier macroeconomic data releases, comments from central bank officials and the risk mood could drive the pair's action heading into the weekend.
GBP/USD stabilizes near 1.3300, looks to post strong weekly gains
GBP/USD trades modestly higher on the day near 1.3300, supported by the upbeat UK Retail Sales data for August. The pair remains on track to end the week, which featured Fed and BoE policy decisions, with strong gains.
Gold extends rally to new record-high above $2,610
Gold (XAU/USD) preserves its bullish momentum and trades at a new all-time high above $2,610 on Friday. Heightened expectations that global central banks will follow the Fed in easing policy and slashing rates lift XAU/USD.
Week ahead – SNB to cut again, RBA to stand pat, PCE inflation also on tap
SNB is expected to ease for third time; might cut by 50bps. RBA to hold rates but could turn less hawkish as CPI falls. After inaugural Fed cut, attention turns to PCE inflation.
Bank of Japan set to keep rates on hold after July’s hike shocked markets
The Bank of Japan is expected to keep its short-term interest rate target between 0.15% and 0.25% on Friday, following the conclusion of its two-day monetary policy review. The decision is set to be announced during the early Asian session.
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