Eurozone stocks to close down as EU plans industry boost

<p>The primary eurozone benchmarks are set to close lower as the EU plans to boost industry.</p>

The major eurozone benchmarks look set to close lower this afternoon (October 10th) as the EU sets out plans to boost industry.

Policymakers from the European Commission have outlined plans to reindustrialise the region so 20 per cent of its economy comes from the factory sector by 2020.

Currently, manufacturing is 16 per cent of the EU's total gross domestic product.

Over recent decades, companies based in Europe have moved their operations to cheaper emerging countries, but now the European Commission explains the region needs to explore ways to boost the factory sector to safeguard competitiveness.

Furthermore, the EU plans to improve financing for small and medium-sized enterprises by making it easier for private investors to back them.

At 16:45 BST, the major eurozone benchmarks were down, with the Frankfurt Dax sliding 0.2 per cent to 7214.7 points and the Paris Cac 40 retreating 0.3 per cent to 3370.6 points.

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