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UK Market Update: Weaker Than Expected Eurozone Numbers Spook Markets

ByIG
Published 10/31/2012, 05:20 PM
Updated 01/01/2017, 02:20 AM

As we approach the end of the trading day in London the FTSE is down 35 points at 5815, having given up this morning's advance.

Weaker-than-expected unemployment numbers from the eurozone have spooked markets, causing them to lose ground after two days of gains. The eurozone jobless rate came in at 11.6%, whereas analysts were expecting 11.4%. Rising unemployment puts further pressure on European leaders, which might help them to make more of an effort to find a real solution to the debt crisis. A meeting was held today to discuss Greece and it’s deficit reduction efforts; German finance minister Wolfgang Schaeuble said there is still no deal in place, though some progress was made.

Barclays is still haunted by its provisions for PPI. The bank is down over 4% after it reported a £47 million quarterly loss, which includes costs relating to PPI claims. Traders turned up the heat on BG Group as the energy company lowered its production target for 2012; the stock is down 15% on the day. The nightmare on Wall Street is over as the New York Stock Exchange and NASDAQ reopen after hurricane Sandy. Car manufacturers Ford and General Motors are up 5% and 7% respectively after both firms reported improved quarterly profit. In the wake of the mighty US storm, Home Depot is 2% higher as traders envisage robust sales for the DIY retailer.

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