European stocks hold ground as Greek joblessness climbs

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.

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.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. CFD and Forex Trading are leveraged products and your capital is at risk. They may not be suitable for everyone. Please ensure you fully understand the risks involved by reading our full risk warning.

City Index is a trading name of StoneX Financial Ltd. Head and Registered Office: 1st Floor, Moor House, 120 London Wall, London, EC2Y 5ET. StoneX Financial Ltd is a company registered in England and Wales, number: 05616586. Authorised and regulated by the Financial Conduct Authority. FCA Register Number: 446717.

City Index is a trademark of StoneX Financial Ltd.

The information on this website is not targeted at the general public of any particular country. It is not intended for distribution to residents in any country where such distribution or use would contravene any local law or regulatory requirement.