KBC Market Research Desk
KBC Bank
European shares opened mixed this morning, but lost further ground during the session following mixed corporate earnings. European indices lose up to 1.5%. In the US, Equities opened lower too following poor earnings and an disappointing durables report.
US data were mixed to better. Awful durable orders for December put question marks behind the strength of the supply side, but were offset with slightly better Markit PMI and strong New Home sales. The best indicator was consumer confidence that sky‐rocket, probably due to lower energy prices and stronger labour markets.
Greece’s new Prime Minister Alexis Tsipras announced today his new cabinet, handing the top economic posts to a senior former communist politician and a University professor who has become its closest economic advisor. Only one ministerial post went to Syriza’s coalition partner, the rightwing Independent Greeks party leader was named minister of defence.
The Swiss franc weakened further against the euro today after the Swiss National Bank said it is ready to intervene in the currency market to ease policy after ditching its cap on the Swiss franc.
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.
Recommended Content
Editors’ Picks
EUR/USD clings to gains above 1.0750 after US data
EUR/USD manages to hold in positive territory above 1.0750 despite retreating from the fresh multi-week high it set above 1.0800 earlier in the day. The US Dollar struggles to find demand following the weaker-than-expected NFP data.
GBP/USD declines below 1.2550 following NFP-inspired upsurge
GBP/USD struggles to preserve its bullish momentum and trades below 1.2550 in the American session. Earlier in the day, the disappointing April jobs report from the US triggered a USD selloff and allowed the pair to reach multi-week highs above 1.2600.
Gold struggles to hold above $2,300 despite falling US yields
Gold stays on the back foot below $2,300 in the American session on Friday. The benchmark 10-year US Treasury bond yield stays in negative territory below 4.6% after weak US data but the improving risk mood doesn't allow XAU/USD to gain traction.
Bitcoin Weekly Forecast: Should you buy BTC here? Premium
Bitcoin (BTC) price shows signs of a potential reversal but lacks confirmation, which has divided the investor community into two – those who are buying the dips and those who are expecting a further correction.
Week ahead – BoE and RBA decisions headline a calm week
Bank of England meets on Thursday, unlikely to signal rate cuts. Reserve Bank of Australia could maintain a higher-for-longer stance. Elsewhere, Bank of Japan releases summary of opinions.