Lunedì, 22 Ottobre 2018

Eurozone markets weighed down by high unemployment figures


(ANSA) – Milan, October 31 – European stock markets closed
essentially unvaried Wednesday following new eurozone
unemployment figures showing the number of people out of work in
the area reached another record high in September and as US
markets opened lower after a two-day shutdown caused by
super-storm Sandy.
Of Europe’s main markets, Milan and Spain were the only two
positive performers. Milan’s FTSE-MIB index closed up 0.12%, at
15,539.71, while the IBEX 35 ended the day up 0.11%. Paris’ CAC
40 closed 0.87% lower, while Frankfurt’s DAX was down slightly
less, at 0.33%.
Of Europe’s main markets, only London’s FTSE-100 index
performed worse, closing down 1.15%.
According to figures released Wednesday by Eurostat, the
EU’s official statistics agency, total jobless rate in the
eurozone hit 11.6% in September, the highest rate on record
since 1995, and up from 11.5% in August.
Eurostat said that 18.49 million people were unemployed in
the eurozone in September, after 146,000 more people lost their
jobs during the month.
Milan markets were boosted in part by the positive
performance of Fiat Industrial, the trucks unit spun off from
Fiat earlier this year, which gained 3.02% after releasing
quarterly results.
Fiat’s separately-listed auto unit ended the day down 4.33%
on the day after its own quarterly results which pointed once
again to the difficulties facing the company as the European
auto market continues to contract amid the economic crisis.
The banking sector was also hit by sales, with shares in
leading banks all closing lower.
Investors meanwhile piled back into shares of
scandal-plagued Finmeccanica, pushing the shares up 2.8%
Wednesday. Real estate group Prysmian also gained, closing up
2.13% after Citigroup analysts wrote that the company is on
track to meet its 2012 targets.
Telecoms giant Telecom Italia also gained Wednesday
(+1.65%), boosted by positive results at its Brazilian mobile
unit, Tim Brasil.
Meanwhile Italy’s borrowing costs declined Wednesday as
bond-interest rates closed at 4.94%, slightly lower than
Tuesday’s 4.99%.
The spread between Italian bond rates and the German
equivalent reached 348 basis points, slightly lower than
Tuesday’s 351 basis point differential.

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