KBC Market Research Desk
KBC Bank
European shares suffered substantial losses today as tensions in Iraq mounted, while awful US Q1 GDP data weighed further on sentiment. Most indices trade 1‐1.5% down. US Equities opened slightly lower, but soon reversed their losses
The Obama administration cleared the way for the first exports of unrefined American oil in nearly four decades, the WSJ reports today, saying shipments could begin as soon as August but are likely to be small. Brent crude oil prices dropped slightly today.
Iraq’s Prime Minister Nouri al‐Maliki refused to bend to international appeals to form a more broad‐based government to curb the country’s swelling Sunni Muslim insurgency saying it would represent a coup against the constitution and the political process.
Italy will seek more time to meet EU debt and deficit targets in exchange for implementing structural reforms and wants to mobilise existing funds for investment in key sectors, an Italian newspaper reported, quoting senior officials.
According to the CBI survey, UK retail sales weakened sharply in June, partly due to a fall in food and clothing sales. Slow wage growth continues to weigh on how much consumers are willing to spend.
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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