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Friday, November 28, 2014

Eurozone inflation rate falls to 0.3%, jobless rate unchanged at 11.5%

All the latest business and financial news, as eurozone inflation falls and unemployment remains stuck.Inflation falls againItalian unemployment hits 13.2%Earlier:Oil slump drives ruble down Black Friday scufflesWalmart records second-biggest online shopping day ever 10.27am GMT Behind the headline jobless rate of 11.5% are stark differences in unemployment across the eurozone.The lowest unemployment rates were recorded in Germany (4.9%) and Austria (5.1%), and the highest in Greece (25.9% in August 2014) and Spain (24.0%). 10.18am GMT There are currently 24.413 million men and women out of work across the European Union, Eurostat says. That’s the population of Netherlands and Switzerland put together.And in the eurozone, there are 18.395m out of work. 10.10am GMT There’s no respite in Europe’s jobless crisis. The unemployment rate was unchanged at 11.5% last month, partly due to the rise in Italy’s jobless rate (see earlier) 10.06am GMT The drop in eurozone inflation isn’t sharp enough to force dramatic new action from the European Central Bank next week, reckons Frederik Ducrozet of Credit Agricole.No sovereign QE for Christmas then. 10.02am GMT Falling energy prices were the main factor dragging eurozone inflation down month. They’ve shrunk by 2.5% over the last year -- and are likely to keep falling given Opec’s decision.Euro area annual inflation down to 0.3% in November 2014 - flash estimate from #Eurostat http://t.co/ztBKMdqwgZ pic.twitter.com/YdZx7EvbrB 10.01am GMT Breaking: The eurozone has slipped closer to deflation. Prices across the single currency rose by just 0.3% this month, compared to November 2013, down from 0.4% a month ago. 9.54am GMT The surge in Italy’s unemployment rate today is a grim reminder that its economic situation has worsened over the last year:A creepy chart -- unemployment rate in Italy (Oct 2014) pic.twitter.com/QDVxZtzhkK 9.51am GMT And here’s why the Russian stock market is sliding:Russian GDP seen -3% next year with oil at $70. Or almost -6% at $50. Forecasts from @RencapMan: pic.twitter.com/oX1S0Xx5dX 9.49am GMT The Russian stock market is also feeling the Opec blues this morning.The RTS index has tumbled by 3.4% this morning, in a broad-based selloff, following warnings that the weak oil price will trigger a deep recession this year: Russian RTS index. #splat pic.twitter.com/tOZqN9p6de 9.37am GMT Russia Economy Minister Says Will Lower 2015 Oil Price Forecast -- Interfax horse. bolted. etc 9.35am GMT Newsflash from Moscow -- the economy minister has said that Russia’s oil price forecast for 2015 will be cut, following yesterday’s Opec meeting. 9.22am GMT Bad news from Italy... the country’s jobless rate has jumped to a new record high.The Italian jobless rate jumped to 13.2% last month, as its recession continues to wreck havoc in its economy. This is the first time it’s been over 13% since records began in 1977.Oof…. *ITALIAN OCT. UNEMPLOYMENT RATE RISES TO RECORD 13.2% FROM 12.9%Italian unemployment rises above 13% for the first time since records began in 1977: pic.twitter.com/RPvq5xQKJB 9.09am GMT Back in the financial markets, the Russian ruble has slumped to new record lows as the impact of Opec’s price war hits home.The ruble slumped to the brink of 50 rubles to the US dollar this morning. At $70 oil, Renaissance Capital sees Russia shrinking 3% in 2015 but the RUB to strengthen from here https://t.co/QtlLY0nccT 8.41am GMT What has Britain become?Take away people's jobs and give them cut price Dysons - and make them into a circus show for those who disdain consumerism. 8.39am GMT There were some frankly unpleasant scenes at Asda’s Wembley branch a few minutes ago, as these video clips from the FT’s Kadhim Shubber show:Well this is awful #BlackFriday https://t.co/WwCyu1x6f1Fights breaking out #BlackFriday https://t.co/r5jT1spiKjLady down #BlackFriday https://t.co/ruJ5XnXasM 8.33am GMT I’m not sure this Black Friday frenzy is doing much for UK productivity:Now crazy queues to pay.. pic.twitter.com/GFWLoSBwDM 8.31am GMT Over in Wembley, Asda just threw open the doors at its store for Black Friday.My colleague Sarah Butler is there, and reports that more than 400 people were queuing - one arrived at 1am., and another admitted crying off work sick. Bonkers.. That is all.. pic.twitter.com/CzO6RM69i4Devish been queuing from 6am and says he reckons he'll spend £500 to £600. "Guess I'll be a bit late for work".. pic.twitter.com/z9in2V2gjr 8.26am GMT Online shopping may let you avoid the cold, but there’s no escape from the queues:Currys PC World know what the British want from Black Friday! a 28 minute virtual queue on its website. Wait in line. 8.10am GMT US retail giant Walmart has recorded its second-highest online sales day ever, as Americans flocked to buy bargains during Thanksgiving.We saw lines for tablets and TVs snaking throughout the stores, and with our exclusive 1-Hour Guarantee, customers left happy.We sold enough food storage containers to hold 4.5 million pounds of Thanksgiving leftovers and we sold enough towels to line the banks of the Mississippi River*. 7.56am GMT Building society Nationwide has reported that the UK housing market continues to slow down this month.Prices rose by 0.3% in November, down from 0.5% in October. That pulled the annual rate of house price inflation down to 8.5%, from 9.0% a month ago.“Forward looking indicators, such as new buyer enquiries point to further softness in the near-term. However, if the economy and the labour market remain in good shape and mortgage rates do not rise sharply, activity is likely to pick up in the quarters ahead.” 7.40am GMT Britain’s police forces are urging UK shoppers to calm down, having been called to several stores already today as people wrestle for a Black Friday bargain.At least two people arrested at #BlackFriday sales events already this morning. Keep calm people!*POLICE CALLED TO SEVEN TESCO STORES IN MANCHESTER ON 'BLACK FRIDAY' SCUFFLES 7.36am GMT The latest American tradition to cross the Atlantic, Black Friday, got off to a bang, a few shoves and several phone calls to the police today.More than a dozen police officers attended the Tesco store on Glover Drive, Upper Edmonton, as scuffles broke out between eager and frustrated shoppers. Customers were seen tearing down cardboard hoardings put in place to hold back sale items until the stroke of midnight.Tesco delayed the sale of its most popular sale items – TVs – for almost an hour until police brought the situation under control. One officer was overheard criticising the manager for failing to ensure adequate security and suggested the sale should be suspended altogether. 7.25am GMT Good morning, and welcome to our rolling coverage of the world economy, the financial market, the eurozone and business.Brent and WTI keep falling in the wake of the Opec no cut decision. pic.twitter.com/4zVegIkq2RThe new reality is the US one of the largest oil producers in the world which they weren’t beforehand, and as such the balance of power has shifted with OPEC, Russia and the US as the largest producers of crude oil, which means that OPEC now only control about one third of global oil production. As such we could well see Brent prices drop towards $60 a barrel, a level that Rosneft chief Igor Sechin suggested could be seen early next year, and a level that could well cause some major financial problems to some US shale producers as well as a lot of OPEC members.If your going to Tesco Silverburn, don't bother. Police have shut it down due to fighting over #BlackFriday sales. Continue reading...


READ THE ORIGINAL POST AT www.theguardian.com