KBC Market Research Desk
KBC Bank
Slightly stronger euro zone PMI’s support sentiment on the European equity markets today, with most indices trading slightly higher. In the US, Equities opened higher too, trading almost 1% higher.
The Bank of Spain said today it expected the Spanish economy to have expanded by 0.5% Q/Q in the third quarter, driven by a strong summer tourist season, and added that there were 151 000 jobs created during the quarter. The Bank of Italy said today it expected the Italian economy to have contracted slightly in the third quarter as international tensions hit the outlook for exports, while household and business confidence dimmed.
The advance estimate of European Commission’s consumer confidence for October surprised on the upside, improving slightly, from ‐11.4 to ‐11.1, while a further drop to ‐12 was expected.
The Norwegian central bank decided today to keep its benchmark interest rate unchanged at 1.50%, in line with expectations. Although the fall in the oil price has increased uncertainty regarding the outlook for the economy, they left in place their guidance that rates will probably not be raised until 2016. The crown strengthened somewhat.
Brent crude oil prices ($85.78/barrel) rose slightly today after news that Saudi Arabia supplied less oil to the market in September, although overall production from the country grew.
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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