Rolling coverage of business and financial news
Italian youth unemployment hits 43.3%
Spanish unemployment drops by 112k in May
French government fights back over BNP Paribas fine
Coming up: Eurozone inflation and jobless data at 10am
9.07am BST
Just In: Italy's young people continue to bear the brunt of its economic woes.
The Italian youth unemployment rate has hit a new record high of 43.3% in April, up from March's 42.9%. That's the highest level since the current records began in 1977.
8.57am BST
Over in Greece, there have been scuffles as finance ministry cleaning staff who lost their jobs last summer held a protest.
They are urging the Greek government abide by a court ruling last month that they should be reinstated.
The protesting cleaners managed to repel police officers who have just attacked them pic.twitter.com/H2TI0man1s @dromografos #rbnews #greece
Police next to the cleaners blocking entrance to Fin Min, demanding enforcement of court decision https://t.co/wAryJeN6Ie @Skar_ #rbnews
The cleaners are blocking entrance to Finance Ministry this morning https://t.co/eH07f4Zd9M @Skar_ #rbnews #greece
8.46am BST
The French government is rallying behind BNP Paribas, its largest bank, as US authorities threaten it with a bn fine for breaking sanctions.
"If there is a an error or a violation then it's normal that there is a fine, but the fine has to be proportionate and reasonable.
These figures are not reasonable".
8.24am BST
The first piece of eurozone unemployment data is out...and the number of people registered as out of work in Spain fell by 111,916 people last month -- the biggest fall for a May on record.
That's a drop of almost 2.4%, and takes the total number of people out of work to 4.57%. It's the fourth monthly drop in a row.
Spain's registered unemployment continued to fall in May, down 6.51% y-o-y. SA m-o-m fell by 24,604. pic.twitter.com/az7YgMv7EN
SPAIN MAY NET UNEMPLOYMENT M/M: -111.9K V -112.5KE not as big as 150k suggested by ABC yday pic.twitter.com/51JpR1aQpA
#Spain's registered unemployment falls by 111,00 to 4.57 million, but does not include long-term jobless.
8.10am BST
Europe's stock markets have opened calmly, with the FTSE 100 dropping 8 points to 6855 in the opening exchanges.
The French and Italian indexes also dipped by 0.1%, while the German DAX and Spanish IBEX are flat as traders nervously wait for the inflation and unemployment data at 10am.
8.04am BST
Overnight, HSBC economists have called for Beijing to deploy new stimulus measures after its survey of China's manufacturing sector showed a small contraction.
HSBC's monthly PMI survey rose to a four-month high of 49.4, up from 48.1 in April, but still below the 50-point mark.
The final PMI reading for May confirmed that the economy is stabilizing, but it is too early to say that it has bottomed out, particularly in light of a weaker property sector.
Stronger policy support is warranted.
7.59am BST
In the City, Foxtons chief executive Michael Brown has stepped down just nine months after leading the aggressive London estate agent chains flotation.
He's resigned for "personal reasons" after 12 years at the agent and seven years in charge.
London estate agency Foxtons group: Chief Executive Michael Brown has decided to step down after 12 years for personal reasons.
7.57am BST
Reminder: this latest rise in UK house prices comes hours after the European Commission urges Britain to rein in its property boom, in its annual recommendations to EU members.
7.49am BST
IHS analyst Howard Archer reckons UK house prices will now increase by another 5 to 6% over the rest of 2014, and another 7% in 2015 -- which would be a slowdown.
7.48am BST
The average price of a home in the UK has hit a record high in cash terms.
This is the first time that the index has returned to its peak since the crisis, and news that annual price inflation is now running at 11.1%, its highest level since June 2007, could fuel further calls for policymakers to step in to cool the market.
But at 0.7%, the monthly rate of inflation reported by Nationwide was lower than the 1.2% recorded in April.
7.44am BST
Good morning, and welcome to our rolling coverage of the financial markets, the world economy, the eurozone and business.
The recent moves in European equities have been choppy at best, with some nervous trading heading into the ECB meeting.
Investors will continue to focus on a disappointing inflation picture after German CPI disappointed and ECB member Nowotny suggested higher inflation is necessary to prevent a Japanese model deflation. Everything is pointing towards ECB action on Thursday but the scope and form is keeping investors guessing.
Continue reading... |
| READ THE ORIGINAL POST AT www.theguardian.com |