KBC Market Research Desk
KBC Bank
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European equity indices lose some ground with Spain (-1%) a notable underperformer on increased tensions in Catalunya (see below). US stock markets open nearly unchanged with investors waiting for the outcome of tonight's FOMC meeting.
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UK retail sales rose in August at their fastest pace in four months (1% M/M), providing further evidence of a tentative pickup in consumer spending. The July figure was upwardly revised from 0.5% M/M to 0.7%M/M. EUR/GBP temporary dropped from 0.888 to 0.883, but sterling couldn't hold on to gains.
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Spain's paramilitary national police have raided the headquarters of the Catalan government in Barcelona in the latest offensive against the proposed referendum on independence, set to be held in less than two weeks' time. They arrested 13 people for their alleged involvement in planning the secession vote.
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NZD/USD jumped towards 0.74 following the release of a new poll showing the governing National Party could rule alone after the country's general election on September 23.
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Greek banks are set to float revised plans to reduce their non-performing loans to their boards early next month, bank sources said, in news that drove down shares in the country's lenders.
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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Editors’ Picks
EUR/USD retreats to 1.0750, eyes on Fedspeak
EUR/USD stays under modest bearish pressure and trades at around 1.0750 on Wednesday. Hawkish comments from Fed officials help the US Dollar stay resilient and don't allow the pair to stage a rebound.
GBP/USD remains on the defensive around 1.2500 ahead of BoE
The constructive tone in the Greenback maintains the risk complex under pressure on Wednesday, motivating GBP/USD to add to Tuesday's losses and gyrate around the 1.2500 zone prior to the upcoming BoE's interest rate decision.
Gold fluctuates in narrow range above $2,300
Gold struggles to make a decisive move in either direction and moves sideways in a narrow channel above $2,300. The benchmark 10-year US Treasury bond yield clings to modest gains near 4.5% and limits XAU/USD's upside.
SEC vs. Ripple lawsuit sees redacted filing go public, XRP dips to $0.51
Ripple (XRP) dipped to $0.51 low on Wednesday, erasing its gains from earlier this week. The Securities and Exchange Commission (SEC) filing is now public, in its redacted version.
Softer growth, cooler inflation and rate cuts remain on the horizon
Economic growth in the US appears to be in solid shape. Although real GDP growth came in well below consensus expectations, the headline miss was mostly the result of larger-than-anticipated drags from trade and inventories.