Europe economy

Euro rallies against the dollar

euro dollar

The euro popped higher against the dollar, after the ECB announced its latest position on interest rates.

It traded as high as $1.1272, up more than a third of a cent.

Analysts had thought that ECB chief Mario Draghi would have hinted at further measures to boost the eurozone economy.

Instead he said that rates would remain at the current level until well into next year.

Arcelor Mittal to cut back on steel production in EU

Arcelor Mittal sign
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Arcelor Mittal is to cut back on steelmaking at plants at Dunkirk in France and Eisenhuettenstadt and Bremen in Germany.

It says it has been hit by "weak market demand and high import levels in Europe".

The firm will also extend a stoppage later this year at a blast furnace in Asturias, Spain.

Company boss Geert van Poelvoorde said: "Our employees remain our utmost priority and we are doing everything we can to ensure the right social measures are in place to support them and their families during this difficult time.”

Eurozone growth buoyed by services and construction

Ana Andrade, an analyst at The Economist Intelligence Unit, reminds us that the rosy Eurozone GDP figures bucked a trend set by other indicators.

"Euro area composite PMI had gone deep into contractionary territory in Q1," she says.

But, "the decline in manufacturing output and sentiment seems to have been more than offset by positive trends in the services and construction sector."

European unemployment fall

A revealing graph from Eurostat, showing EU28 unemployment at the lowest level since records of the current data set began, in 2000.


BreakingEurozone unemployment at post-crisis low

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The eurozone area's seasonally-adjusted unemployment rate was 7.7% in March 2019, down from 7.8% in February 2019 and from 8.5% in March 2018, according to Eurostat.

That is the lowest rate recorded since September 2008, the start of the global financial crisis.

The unemployment rate in the wider EU also dropped to 6.4% in March 2019, down from 6.5% in February 2019 and from 7.0% in March 2018.

That's the lowest level in 19 years.

BreakingEU GDP up by 0.5%

The flash estimate of European GDP for the first three months of 2019 is in.

Seasonally adjusted GDP rose by 0.4% in the eurozone and by 0.5% in the wider EU, compared with the previous quarter,

That's faster than same period last year.