KBC Market Research Desk
KBC Bank
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European stock markets trade volatile near opening levels today with the German Dax (‐0.35%) underperforming. Markets are mainly counting down to Thursday's ECB meeting. US stock markets opened nearly unchanged.
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Eurozone CPI rose 1.3% Y/Y in June (0.0% M/M), according to the final reading which came in line with an initial estimate. Inflation fell back from 1.4% in May having spiked at a three‐year high of 1.9% in April. Details showed stronger services inflation was one of the reasons for a rise in core inflation to 1.1% in June (from 0.9% in May).
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A Bloomberg national poll shows that, in nearly every measure of his performance, Trump's presidency is not wearing well with the public. 55% view him unfavourably, up 12 points since December. The American people do however feel fairly optimistic about their jobs, the strength of the economy and their own fortunes.
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The New York Fed Empire manufacturing index disappointed with a reading of 9.8. in July (consensus of 15.0). A decline from the 19.8 in June was expected but the extent of the decline surprised markets. Indexes assessing the six‐month outlook suggest that firms remain positive about the future, though less so than in June.
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Bankers with knowledge of the matter stated that Greece is looking, for the first time in three years, to sell five‐year government bonds this week or next. This is remarkable given that Athens has received three bailouts in the past seven years and the debate over whether debt write‐downs are needed continues as the IMF deems Greece's debt unsustainable and on an "explosive" path.
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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