EU sanctions against Russia must remain in place, the Wall Street Journal quoted German Chancellor Angela Merkel as saying on Friday. Speaking at a news conference after an EU summit in Brussels, she argued that a ceasefire in eastern Ukraine was not being fully observed.
UK gross domestic product expanded by 0.7 percent in the July-September period, compared with 0.9 percent in the second quarter. Growth slowed as services output growth eased and manufacturing expanded at its weakest pace in 18 months, Reuters said. As data showed the British economy expanded in line with expectations, sterling rose on Friday 0.15 percent to $1.6056 from around $1.6032 beforehand.
BASF’s Chief Executive Officer has said the sanctions against Russia do not work and urged the West to lift them, TASS reported, citing Kurt Bock’s interview to Bloomberg. A constructive dialogue is needed over the situation in Ukraine, Bock said. Business figures are hoping for it and are ready to take part in such a dialogue, the news agency quoted him as saying.
The euro for the first time in history passed the 53-ruble mark during morning trading on the Moscow exchange on Friday. By 07:27 GMT, the European currency gained 20 kopeks to 53.002 rubles. Later, however, the euro decreased to 52.99 rubles. The US dollar gained 18 kopeks to 41.90 rubles, also a historic new maximum. Analysts say the ruble has weakened by roughly 26 percent against the dollar, and by 16 percent against the euro since the beginning of the year.
Spain’s unemployment rate fell to its lowest level in almost three years in the third quarter, Reuters reported. The headline jobless rate fell to 23.7 percent, down from 24.5 percent in the previous quarter, the National Statistics Institute said on Thursday. The figure was the lowest registered since the last quarter of 2011 as services sector took on more staff and construction activity also picked up. The jobless rate still remains the second-highest in the eurozone behind Greece.
Credit Suisse’s profits more than doubled in the third quarter, the bank said Thursday. The net profit of Switzerland’s second-largest bank rose to 1.025 billion Swiss francs ($1.07 billion) in the July-September period from 454 million francs a year earlier, AP reported. The bank benefited from cost cutting, brisk business in emerging markets and the services it provides for wealthy clients.
China’s factory sector edged up in October as firms drew more foreign and domestic orders, Reuters reported, citing a private survey. The flash HSBC/Markit manufacturing purchasing managers' index (PMI) edged up to a three-month high of 50.4 from a final reading of 50.2 in September. Analysts believe the figure does not point to a fourth-quarter turnaround for the cooling economy. GDP results of the third quarter were published earlier this week.