European Stocks Trade Lower, UK Unemployment Increases- FTSE100 Trading Positive
Feb, 21st 13:29
European equities were lower on Wednesday morning as investors focused on further earnings reports and data releases.
German Shares off the most. The DAX is down 0.79% while France’s CAC 40 is off 0.54% and London’s FTSE 100 is lower by 0.27%.
Oil and gas stocks were among the worst performers in early trade, with the sector down by 0.6 percent, on rating downgrades. Siemens Gamesa, for example, fell 2.1 percent after JP Morgan cut the stock to underweight.
UK unemployment has increased slightly for the first time in two years.
The rate of unemployment rose from 4.3% to 4.4% for the three months to the end of December, the Office for National Statistics said.
Despite the slight increase in the unemployment rate, the total number of those in work increased by 88,000.
Wages grew by an average of 2.5%, up from 2.4% the previous month, although the increase remained below inflation.
The number of unemployed people rose by 46,000 to 1.47 million for the final quarter of the year, compared to the previous three months.
On the technical charts, FTSE100 is trading in the positive zone, below all the moving averages. The RSI is at 42.42 and MACD is trading above the signal line.
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