KBC Market Research Desk
KBC Bank
European shares dropped sharply lower today as the US tax inversion deal weighed on sentiment, together with disappointing euro zone PMI’s. US Equities opened lower too, but soon reversed their losses to trade broadly unchanged.
Greece can exit its EU/IMF programme earlier than expected and cover its own funding needs next year, Prime Minister Samaras said today after a meeting with German Chancellor Merkel.
The Richmond Fed manufacturing index extended its uptrend in September, rising from 12 to 14, while a limited drop was expected. The index is now at its highest level in 3.5 years. Details were very promising too.
The Hungarian central bank decided today to keep its base rate unchanged at 2.10%, in line with expectations as the central bank suggested recently that rates will remain unchanged for some time. The central bank raised both its inflation and growth forecasts, supporting the forint today.
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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