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27.11.2014 17:05

European stocks close: most stocks closed higher as German stock index DAX increased due to solid labour market data

Most stock indices closed higher as German stock index increased due to solid labour market data. The number of unemployed people in Germany declined by 14,000 in November, beating expectations for a 1,000 decline, after a 23,000 drop in October. October's figure was revised up from a 22,000 decrease.

Germany's adjusted unemployment rate remained unchanged at 6.6% in November, beating expectations for an increase to 6.7%. October's figure was revised down from 6.7%.

The Gfk German consumer confidence index increased to 8.7 in December from 8.5 in November, beating forecasts for a rise to 8.6.

Eurozone's adjusted M3 money supply remained unchanged 2.5% in October, missing expectations for a 2.6% increase.

Eurozone's private loans fell 1.1% in October, missing forecasts of a 1.0% decrease, after a 1.2% drop in September.

Consumer price inflation declined in Germany and Spain this month. German preliminary consumer index dropped to 0.5% annual rate in November from 0.7% in October, missing forecasts of a decline to 0.6%. That was the lowest level since February 2010.

Spain's harmonized consumer price index (HICP) fell by an annual rate of 0.5% in November, after a 0.2% decline in October.

These figures added to concerns about deflation in the Eurozone. Deflation can trigger a spiral where businesses and households delay purchases.

Consumer price inflation for the Eurozone are scheduled to be released tomorrow.

The European Central Bank (ECB) President Mario Draghi said in Helsinki today that the ECB is committed "to use other unconventional instruments" to address the risks of low inflation.

The Organization of the Petroleum Exporting Countries' (OPEC) decision to leave its current production target unchanged weighed on energy stocks.

Indexes on the close:

Name Price Change Change %

FTSE 100 6,723.42 -5.75 -0.09%

DAX 9,974.87 +59.31 +0.60%

CAC 40 4,382.34 +8.92 +0.20%

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