LONDON: ARAB NEWS
Published — Saturday 1 December 2012
Last update 1 December 2012 1:12 am
A string of major economies have reported disappointing data. Economic growth slowed in India in the third quarter, while in Canada and Brazil it dropped surprisingly sharply.
In the euro zone, unemployment hit a new high of 11.7 percent in October, as German retail sales fell unexpectedly and French consumer spending dropped. With the debt crisis further undermining sagging economies, the Eurostat data agency showed the jobless rate in the 17-nation euro zone climbing to a fresh high of 11.7 percent in October. It was the 14th consecutive monthly record since September 2011 when unemployment hit 10.3 percent.
European stocks, however, ended almost unchanged yesterday, posting solid monthly gains as investors bet the worst of Europe’s debt crisis is over and that a deal in US budget talks will be reached before the year-end. The FTS Eurofirst 300 index of top European shares ended 0.08 percent lower at 1,120.89 points, after hitting a high of 1,125.12 in the session, a level not seen since July 2011.
The MSCI world equity index was down 0.1 percent at 332.02, though it was still near its highest level for November, having added almost 1 percent on Thursday.