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Germany's unemployment hits record low, Euro rebounds.

News Date: 1/12/2015 09:40:58

Germany's unemployment rate fell unexpectedly to 6.3% in November, from October's 6.4%, hitting the lowest level since unification in 1990. The wider Eurozone's unemployment rate fell to its lowest in about four years at 10.7%. In other good news, Final Manufacturing PMI for the zone rose to its highest in 19 months at 52.8 for November. The batch of stellar results dampened bets on strong stimulus by the ECB on Thursday, driving the Euro index up 0.45% to 85.72. Euro rose half a percentage against the dollar to 1.0620. It touched a week's high against yen at 130.75, while advancing 0.38% against sterling to 0.7046.


European shares were tapered off by the data, amid fears of less-than expected monetary easing, with the pan-European index FTSEurofirst 300 relinquishing most of its earlier gains, to trade at 1,518, with a 0.03% profit. Germany's DAX lost 24 points, or 0.22% to 11,357. France's CAC fell 16 points, or 0.33% to 4,941. Britain's FTSE outperformed however, buoyed by the success of the stress tests for British banks; the index gained 45 points, or 0.72% to 6,402.


Dollar slid, with its index down 0.36% to 99.90. Dollar lost 0.16% against sterling to 1.5080. It was trading flat against the yen at 123.06.


Wall Street opened higher, with Dow Jones up 73 points, or 0.41% to 17,791. NASDAQ advanced 20 points, or 0.40% to 5,128. S&P 500 added 10 points, or 0.48% to 2,090.


Oil prices floundered, with Brent futures for January diving 30 cents, or 0.65% to $44.30 a barrel. U.S. crude futures edged down 4 cents, or 0.10% to $41.60 a barrel.


The recent losses nursed by the dollar helped gold futures gain 3 dollars, or 0.28% to $1,068.20 an ounce. Silver futures rose 10 cents, or 0.75% to $14.15 an ounce.


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