The UK government deficit in the last financial year was smaller than previously thought
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Most European equity indices gain around 0.7% despite disappointing German ZEW sentiment. US stock markets opened 0.3% to 0.5% higher. Overall, global trading remained confined to tight ranges in the run-up to the Jackson Hole Economic Symposium at the end of the week.
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German ZEW investor confidence declined for a third month amid concern that the widening diesel scandal and the strengthening euro will weigh on Europe's largest economy. An expectations index, which aims to predict economic developments six months ahead, fell to 10 from 17.5 in July, the lowest level since October
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Indonesia's central bank surprised markets by cutting its benchmark policy rate from 4.75% to 4.50%, the first change since October, in a bid to boost sluggish lending and economic growth.
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Hungary's central bank kept its benchmark rate unchanged at a record-low 0.90% as the strengthening forint, subdued price-growth and a slowing economic expansion create more room for unconventional monetary easing.
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The UK government deficit in the last financial year was smaller than previously thought, but borrowing is on track to climb this year despite a healthier than expected balance in July. The ONS' latest estimates of public sector net borrowing for the year to March put the deficit at £45.1B, a £27bn reduction on the previous year.
Author
KBC Market Research Desk
KBC Bank
