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European Session News Summary
Fri, Jan 29 2010, 16:24 GMT
by ecPulse.com analysis team
Swiss KOF leading indicator for rose to 1.77 in January from 1.68 in December revised to 1.73 which is higher than forecasts of 1.71.
Euro Zone’s CPI flash estimate for the year ending January rose to 1.0% from 0.9%, lower than expectations of 1.2%.
Unemployment in the euro area inches up to 10.0%
Euro Zone’s unemployment inched up to 10.0% in December, from the revised 9.9% from 10.0%, 0.1% lower than November’s rate and in line with median forecasts.
EU policy makers mentioned that there is no plan from union to salvage the Greek economy from its budget deficit woes. Greek bonds slipped to be the worst performing in January after speculations that Greece will need a bailout from the EU. The Greek Prime Minister said what is making the situation worse is the ongoing rumors.
It is worth noting; S&P lowered the debt rating for Greece by one point to BBB+ from A- and Greece was also lowered in December by Fitch ratings to BBB+ which is raising concerns since the country has the highest budget deficit in Europe.
Euro Zone’s M3 money supply seasonally adjusted inched up to -0.2% in December from the revised -0.3% from -0.2% and relative to the projected -0.5%. On the month, the 3-month-average reading came in line with estimates of -0.1%, below the preceding 0.6%.
Spain’s CPI (EU Harmonized) preliminary reading came in at 1.1% in January, higher than the advanced of 0.9%, but lower than the estimated 1.2%.
Spainish unemployment rises to 18.83% in the fourth quarter
Unemployment in Spain for the fourth quarter climbed to 18.83% compared with the prior of 17.97% and the forecasted of 18.50%.
U.K. nationwide house prices jumps in December
Annual nationwide house prices seasonally adjusted in U.K. rose to 1.2% in December from the revised 0.5% from 0.4% and estimates of 0.3%. The non-seasonally-adjusted reading also climbed to 8.6% on the month from the prior 5.9%, above projections of 7.3%.