European stocks hold ground as Greek joblessness climbs

<p>Greece’s joblessness has risen to fresh highs, but Europe’s stock market stands firm.</p>

The main European stock indices have held their ground this afternoon (January 10th) after fresh figures show Greece's employment situation is not improving.

According to the troubled Mediterranean nation's Statistical Authority, joblessness rose to 26.8 per cent in October 2012, which is a jump from the previous month's 26.2 per cent figure – and even more so when compared to the previous year's rate of 19.7 per cent.

Those aged between 15 and 24 are the worst affected, with 56.6 per cent of young people within this bracket currently out of work.

Greece has been struggling since the sovereign debt crisis hit in 2009 and is dependent on rescue financing.

To secure this cash from lenders – including the troika of the International Monetary Fund, European Union and European Central Bank – the Greek government has had to impose a series of harsh, unpopular austerity measures, resulting in general strike action and public protests.

At 14:30 GMT, the pan-European DJ Eurostoxx Index rose by 0.5 per cent to 2720.2 points.

Learn about the markets and CFD trading at City Index.

Build your confidence risk free
Join our live webinars for the latest analysis and trading ideas. Register now

StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.

No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

For further details see our full non-independent research disclaimer and quarterly summary.