German stocks move lower after jobless data

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Source: Dukascopy Bank SA

German blue chips index sank on Thursday as German unemployment rose for the fifth consecutive month in August amid spreading Eurozone's crisis. The seasonally adjusted unemployment rate stood at 6.8% in August.  However, yields on 10-year sovereign bunds approached four-year low on Thursday, indicating that German economy is still perceived as stable. The German DAX Index retreated by 0.83% to trade at 6,961.87. Only three sectors included in the index managed to rise. The biggest gainers were consumer services and utilities, with E.ON and RWE jumping by 0.50% and 0.94%. Pushing German stock index lower, consumer goods sector dropped by 2.45%, with Adidas sliding 0.88%. Volkswagen also fell as automobile selling rate in the EU tumbled to more than three-month low.

 

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