EU Unemployment Rises to 10%

123jump.com Staff
29 Jan, 2010
New York City

World markets are still holding out for the prospect of global economic recovery. Asian markets indexes closed mixed with a negative bias and the indexes in Europe edged higher. Unemployment in the Euro zone increased to 10% in December.

[R]8:45 AM New York – World markets are still holding out for the prospect of global economic recovery. Asian markets indexes closed mixed with a negative bias and the indexes in Europe edged higher. Unemployment in the Euro zone increased to 10% in December.[/R]

European markets edged higher and Asian markets closed mixed with a negative bias.

Seasonally adjusted unemployment rate in EU area was 10% in December compared to 9.9% in November and 8.2% in December 2008. Unemployment went up by 4.628 million in the EU27 and by 2.787 million in the euro area.

The preliminary estimate of annual inflation in the Euro area is expected to be 1.0% in January after rising at 0.9% in December.

Earnings Review

Areva SA, the nuclear group said full-year total revenues rose 6.4% to €14.0 billion from €13.2 billion a year ago. Revenue for the Nuclear and Renewables businesses rose 5% to €8.5 billion from €8.1 billion a year ago.

Bulgari SpA, the luxury jeweler said fourth quarter revenues fell 5% to €297.0 million compared to previous quarter and fell 2.7% at comparable exchange rates. Same-store sales rose 12% at comparable exchange rates over the same period of the previous year.

Jewelry sales rose 0.3% to €129.9 million, while sales of watches declined 4.5% to €68.7 million. Perfume & Cosmetics sales fell 11% to €71.7 million and Accessories sales fell 19.2% to $20.6 million compared to previous quarter.

In the fourth quarter, sales in Japan fell 27% and the U.S sales fell 17% while sales in Europe rose 0.7% and sales in the rest of Asia up 19%.

Bulgari SpA, in the last one year traded as high as €6.65 in November 2009 and as low as €2.76 in March 2009. Based on the yesterday’s closing price of €5.91 the company has market cap of €1.78 billion.

Etam Developpement SCA, a women''s fashion retailer said fourth quarter sales rose 6.5% to €286.9 million and rose 4.5% on like-for-like basis and at constant exchange rates. Europe sales fell 1.5% to €200.1 million and fell 1.8% on like-for-like basis and at constant exchange rates. China sales rose 30.9% to €200.1 million and rose 31.1% on like-for-like basis and at constant exchange rates.

Infineon Technologies AG, the semiconductor maker said first quarter revenues rose 27% to €941 million from €742 million a year ago. Net profit for the quarter was €66 million or €0.06 per diluted share compared to net loss of €404 million or €0.46 per share a year ago.

JCDecaux SA, an outdoor advertising company fourth quarter revenues fell 7.2% to €561.6 million from €605.4 million a year ago and 4.9% on an organic basis. Street Furniture revenues fell 5.9% to €286.9 million from €304.9 million. Transport revenues fell 8.7% to €161.0 million from €176.4 million. Billboard revenues fell 8.4% to €113.7 million from €124.1 million.

Asian Markets Review

The Nikkei 225 Index in Tokyo closed lower 216.25 or 2.08% to 10,198.04, and Hang Seng index in Hong Kong decreased 234.38 or 1.15% to 20,121.99, and CSI 300 index in China lower 2.42 or 0.08% to 3,204.16. ASX 200 index in Australia decreased 103.70 or 2.22% to 4,569.60. The FTSE Bursa KL Composite index in Malaysia was lower 5.35 or 0.42% to 1,259.16.

The Kospi Index in South Korea decreased 40.00 or 2.44% to close at 1,602.43. SET index in Thailand closed higher 6.83 or 0.99% to 696.55. JSE Index in Indonesia decreased 8.77 or 0.33% to 2,610.80. The Sensex index in India increased 51.09 or 0.31% to 16,357.96.

Europe Markets Review

In London FTSE 100 Index traded higher 23.72 or 0.46% to 5,169.46, in Paris CAC 40 Index increased 21.75 or 0.59% to 3,710.54 and in Frankfurt DAX index traded higher 40.74 or 0.74% to 5,581.07. In Zurich trading SMI decreased 10.95 or 0.17% to 6,431.46.