German Market In Positive Territory

German Market In Positive Territory

The FINANCIAL -- The German market was in positive territory on December 2, after Eurozone inflation held steady in November, pushing the case for further stimulus measures from the European Central bank, according to Nasdaq.

Eurozone inflation held steady in November, while core inflation weakened unexpectedly, flash data from Eurostat showed. Inflation came in at 0.1 percent, the same rate as seen in October. This was the second consecutive rise in prices. Economists had forecast inflation to rise to 0.3 percent.

However, the euro area unemployment rate declined to its lowest level since early 2012, but it is unlikely to lift wage growth and generate inflationary pressure as joblessness remains at an elevated level.

Meanwhile, German unemployment dropped to a record low even as rising fears of joblessness due to the huge influx of migrants hurt consumer sentiment in the biggest euro area economy.

A separate survey showed that manufacturing upturn in the 19-nation bloc gained further momentum as initially estimated in November.

U.K. construction activity expanded at the slowest pace in seven months in November, survey data from Markit showed. The Markit/Chartered Institute of Procurement & Supply Purchasing Managers' Index for construction fell to 55.3 in November from 58.8 in October. It was forecast to fall to 58.6.

The Euro Stoxx 50 index of eurozone bluechip stocks was gaining 0.21 percent, while the Stoxx Europe 50 index, which includes some major U.K. companies, was losing 0.37 percent.

The DAX index added 0.6 percent.

Infineon Technologies gained 2.5 percent while Adidas and MunichRe climbed 1.1 percent each.

RWE was gaining 2.2 percent and E.ON rose about 1 percent.

Meanwhile, Deutsche Post and ThyssenKrupp fell 1.6 percent each.

Deutsche Bank and Commerzbank were moderately lower.

Other markets in the region also rose.

The Asian stocks ended mixed in response to a weak manufacturing data released from the U.S. in the previous day.

The U.S. futures point to a higher open on Wall Street. In the previous session, U.S. stocks moved higher, despite a weak manufacturing report. The Dow jumped 1 percent , the Nasdaq surged up 0.9 percent and the S&P 500 soared 1.1 percent.

Crude for January delivery fell $0.19 to $41.66 per barrel, while February gold was gaining $3.8 to $1067.3 a troy ounce.




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