German Social Democrat candidate for chancellor Olaf Scholz promised on Thursday to help the steel industry convert to climate-friendly production if his party, clinging to a narrow lead in polls, wins Sunday's federal election.
Euro zone business growth was much weaker than expected this month as curbs to limit the Delta variant of coronavirus hit demand and already worsened supply-chain constraints pushed input cost rises to an over two-decade high, a survey showed.
Euro area bond yields rose sharply on Thursday after a string of hawkish signals from major central banks, including the European Central Bank and the Bank of England. Norway's central bank hiked rates, becoming the first major central bank to tighten policy in the wake of the COVID-19 crisis, while the Bank of England said the case of higher interest rates "appeared to have strengthened".
The Spanish economy in the second quarter grew more slowly than previously thought, at less than half the pace of the initial estimate, signaling that the recovery from the Covid-19 pandemic has been weaker than expected. Spain's gross domestic product rose 1.1% in the second quarter compared with the previous three-month period, according to a second estimate released by the country's statistics office INE on Thursday. This was down from the 2.8% initially estimated.
Germany's upcoming national election is likely to show the most fragmented outcome in decades and markets could struggle to work out the implications for stocks, with one exception: if you score low on green technology you face trouble.
- Euro zone business growth was much weaker than expected this month as curbs to limit the Delta variant of coronavirus hit demand and already worsened supply-chain constraints pushed input cost rises to an over two-decade high, a survey showed.
Germany's economic recovery from the COVID-19 pandemic lost momentum in September as activity in both the manufacturing and services sectors slowed amid supply bottlenecks and waning catch-up effects, a survey showed on Thursday. IHS Markit's flash Purchasing Managers' Index showed growth in the manufacturing sector slowed to an eight-month low reading of 58.5 from 62.6 in August.
The rate of growth in French business slowed further in September and missed market forecasts, a monthly survey showed on Thursday, as concerns over supplies of key goods weighed on the euro zone's second-biggest economy. Problems with global shipping and transport, caused partly by strict COVID-19 checks at Chinese ports, have resulted in supply chain issues for many companies around the world.
Iran's foreign minister expressed a "very clear intent" to return to nuclear talks in Vienna, Ireland's foreign minister said on Wednesday after he met with his Iranian counterpart on the sidelines of the United Nations General Assembly. "That may not happen for a number of weeks, as the new Iranian government finalizes their approach towards those negotiations.
Italian bond yields fell on Wednesday following a Bloomberg report that Rome will skip syndicated debt sales via banks in the coming weeks. Italy 10-year bond yield was last down 2 bps at 0.67%. It outperformed most of its euro zone peers. The Rome-based Treasury declined to comment.
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