Euronews reports that unexpected decline in economic activity in the Eurozone during November has led to a drop in the value of the Euro, reaching its lowest level in two years.
Publish dateSunday 24 November 2024 - 14:14
According to Amac News: Citing Euronews, economic activity in the Eurozone decreased unexpectedly in November, impacting financial markets.
The Euro fell by more than 1 percent against the dollar, reaching $1.04, marking the lowest rate since November 2022. This decline was driven by investors' predictions of an accelerated reduction in interest rates by the European Central Bank.
The yield on Eurozone bonds also decreased. The yield on Germany's 10-year bonds dropped by eight basis points to 2.25 percent. The yields on bonds in Italy and France fell by five and seven basis points, respectively, reaching 3.50 percent and 3.04 percent.
Stock markets also performed poorly, with the Euro STOXX 50 index declining by about 0.7 percent. The FTSE MIB index in Italy, CAC 40 in France, DAX in Germany, and IBEX 35 in Spain all experienced decreases ranging from 0.5 percent to 1 percent.
The banking sector in the Eurozone suffered the most significant losses. Shares of banks such as Intesa Sanpaolo, UniCredit, Société Générale, BNP Paribas, Deutsche Bank, and Banco Santander fell between 2.5 percent to 4 percent.
In contrast, shares of utility companies like Iberdrola, RWE, and E.ON saw growth between 1 percent to 2.5 percent, indicating investors' preference for the energy sector.
The Euro fell by more than 1 percent against the dollar, reaching $1.04, marking the lowest rate since November 2022. This decline was driven by investors' predictions of an accelerated reduction in interest rates by the European Central Bank.
The yield on Eurozone bonds also decreased. The yield on Germany's 10-year bonds dropped by eight basis points to 2.25 percent. The yields on bonds in Italy and France fell by five and seven basis points, respectively, reaching 3.50 percent and 3.04 percent.
Stock markets also performed poorly, with the Euro STOXX 50 index declining by about 0.7 percent. The FTSE MIB index in Italy, CAC 40 in France, DAX in Germany, and IBEX 35 in Spain all experienced decreases ranging from 0.5 percent to 1 percent.
The banking sector in the Eurozone suffered the most significant losses. Shares of banks such as Intesa Sanpaolo, UniCredit, Société Générale, BNP Paribas, Deutsche Bank, and Banco Santander fell between 2.5 percent to 4 percent.
In contrast, shares of utility companies like Iberdrola, RWE, and E.ON saw growth between 1 percent to 2.5 percent, indicating investors' preference for the energy sector.
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Source : news agency IRNA
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