KBC Market Research Desk
KBC Bank
European shares ended a two‐day losing streak, trading currently up by 2.5%, supported by a rebound in the oil price yesterday evening, which also supported US Equities. US stocks opened in positive territory following a strong durables report.
Greece withdrew its ambassador to Austria today, saying the Austrian government is taking unilateral action outside of EU rules and recent agreements by capping the number of asylum seekers it will accept across its Southern border, in another sign of mounting acrimony between EU countries over the refugee policies.
US initial jobless claims picked up by 10 000 to 272 000 in the week ending the 20th of February, off the 3‐month low reached in the week before. The outcome was slightly above the market consensus of 270 000. The week under review however included the President’s Day holiday, which might have distorted somewhat the figures.
Rating agency Moody’s said today that the approval of Portugal’s budget is a credit positive as the revised budget sets out a more realistic fiscal course and removes the risk of early elections.
The final reading of EMU HICP inflation for January showed a downward revision to 0.3% Y/Y from a first estimate of 0.4% Y/Y, but still up from 0.2% Y/Y in December. Core inflation was confirmed at 1.0% Y/Y. Tomorrow, the German inflation data for February are on the agenda.
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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