Latest: German unemployment total jumps by 24,000 (seasonally adjusted), but fell in unadjusted terms
Labor ministry: economy is still healthy
Poll: Can capitalism be ethical?
12.08pm BST
The pharmaceutical deals keep coming.... Bedford Labs, which makes generic sterile injectable medicines, has just been gobbled up by London-based Hikma.
Another pharma deal -- Hikma to acquire Bedford Labs for up to $300m http://t.co/2osk2piaSa
12.03pm BST
The yield , or interest rate, on Spanish 10-year government debt has just slipped to a new all-time low of just 2.82%.
Investors are driving up the value of the bonds (and thus lowering the yield) in expectation of new stimulus measures from the European Central Bank this week.
ECB's Mersch says comfortable with conventional and unconventional steps, ECB has room to act (Bloomberg)
11.57am BST
Valeant's letter to Allergan, announcing its newly improved offer, is live on Business Insider.
11.39am BST
The battle for Botox has taken another twist this morning.
Our revised offer is based on specific feedback we received in our discussions with shareholders.
Nestle boosts skincare business with $1.4 billion Valeant deal http://t.co/Jo8KSvWptP
11.12am BST
Growth in UK retail sales has slowed this month, after surging in April as Britons splurged over Easter.
The CBI reported that 38% of retailers have sold more goods this month, while 22% sold less. This creates a net balance of +16, down from +30 in April.
MISS: UK CBI Reported Sales (May) 16 v 35e v 30 Apr #gbp
11.05am BST
May 2014: #Economic Sentiment rises in the #euro area, remains broadly stable in the #EU http://t.co/ZM52Z44TXj pic.twitter.com/Cquoh12iGi
10.56am BST
While economic sentiment across the eurozone is now at a 34-month high, consumer confidence improved to a 79-month high in May.
Howard Archer of IHS Global Insight writes:
Most business sectors saw sentiment improve in May after a widespread dip in April that appeared to partly reflect concerns over the Ukraine crisis in a number of countries, notably Germany. Both services and industrial companies reported a recent improvement in new business.
Meanwhile consumer confidence improved to a 79-month high in May, as it was buoyed by improved optimism over the recent economic situation and outlook, and by reduced job concerns. Consumers willingness to make purchases over the next 12 months rose to a four-year high in May (although the index was still below its long-term average) while their willingness to make purchases at present improved and was just below Marchs 45-month high.
10.51am BST
The EC also reported an improvement in economic sentiment in Greece --Nordea Markets analyst Aurelija Augulyte shows that it's now overtaken France.
Greece > France pic.twitter.com/qpMKvbgfdc
RT @MacroPolis_gr: #Greece May Economic Sentiment +3.7 points to 99.1. Consumer Confidence +2.5 points to -52.5 (EC). #economy #euro #eu #ec
10.47am BST
Eurozone companies have grown more optimistic about economic prospects, according to the latest monthly survey by the European Commission.
10.28am BST
Back in the UK, the Nationwide Building Society warned this morning that the London housing market is slowing.
Prices may start to fall this summer, after surging strongly over the last year.
The London property market is heading for a 'natural correction' with the 'frenetic' pace of buying beginning to fade, according to the head of Britain's biggest building society.
Graham Beale, chief executive of Nationwide building society, said: "We could be seeing the early sign of a natural correction in the London housing market."
10.04am BST
Frank-Juergen Weise, the head of German Labor Office, believes the country's employment sector remains healthy despite the seasonally-adjusted jobless total rising by the fastest amount since 2009.
AP reports:
Because the mild winter meant the loss of fewer seasonal jobs in previous months, Weise said the spring recovery slowed in May, but that "overall the labor market is doing well."
9.25am BST
The German government is blaming the surprise rise in seasonally adjusted unemployment on the mild winter.
It argues that firms were able to keep staff on earlier this year, when they would otherwise have cut back. Thus, you don't get the traditional surge in hiring once the weather improves.
German unemployment jumped unexpectedly in May by the largest amount in several years, a rise the Labour Office attributed to mild winter weather.
The number of people out of work increased by 24,000 to 2.905 million, seasonally-adjusted data showed on Wednesday. The mid-range forecast in a Reuters poll had been for a drop of 15,000. The jobless rate was steady at 6.7 percent.
9.12am BST
JUST IN: The number of people unemployed in German has risen by the largest amount in five years - on a seasonally adjusted basis anyway.
Oops RT @ReutersJamie German jobless +24k in May, a surprise increase (consensus was -15k) and the largest in 5 years. #euro
Largest increase in German joblessness since April 2009
German media running headlines "Unemployment fell in May..." ignoring adjusted figures
8.53am BST
We're running a poll on whether capitalism can be ethical, after the Bank of England governor warned last night that "unchecked market fundamentalism" risks destroying the long-term dynamism of capitalism itself.
8.34am BST
Today's Asian stock market rally has pushed up the FTSE All-World equity index by another 0.1% today.
That means it is barely 1% shy of its 2007 peak, flags up the FT's Jamie Chisholm.
8.25am BST
The gold price has hit a three and a half-month low this morning, trading at just $1,260 per ounce.
That's the lowest since mid-February.
8.18am BST
Germany's DAX index has hit yet another record high at the start of trading in Frankfurt.
The DAX jumped 18 points to 9958, as investors in Europe's largest economy remain upbeat about economic prospects.
Heading for the 10,000 number. #Germany's Dax just hits fresh Life-time high at 9958. cc/ @welt pic.twitter.com/lbA1VlnwJ8
Could today be the day Germany's Dax breaks above 10,000 for the first time in history? Perk up Deutsche Post.
8.12am BST
China Vanke's warning that the Golden Age of Chinese property is Over comes as the markets nervously await the latest house price figures for 100 Chinese cities, due this weekend.
Marketwatch reckons they could show the market has deteriorated:
China's property slump is deepening despite growing government efforts to give home sales a lift, adding to concerns over the health of the world's No. 2 economy.
Cities ranging from Tianjin in the north to Nanning in the south--Ningbo lies in between--have eased government restrictions on home buying and lending for purchases in recent weeks. The central government is also helping, entreating banks this month to lend more.
8.05am BST
Good morning, and welcome to our rolling coverage of the financial markets, the global economy, the eurozone and business.
"The ongoing economic recovery is confirmed. Consumer confidence matched expectations."
Asia late... HK up 0.9% Shanghai up 0.5% ASX up 0.3% in rolling close Nikkei ends 0.2% up Sensex flat $NIK $XJO $HSI
"The white silver era has just begun."
"I think China's real estate is like the Titanic and it will soon hit an iceberg up front."
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