Eurozone inflation up less than expected, unemployment at lowest since January 2009

Eurozone inflation up less than expected, unemployment at lowest since January 2009”

This is up from 1.1% year over year in the previous month, but below our forecast for a rise to 1.4% year over year, although the median was 1.2% year over year.

Nonetheless, inflation continues to stay well below the ECB's target of "below, but close to 2 percent".

Inflation in the eurozone ticked higher in November, according to the latest data from Eurostat, while the unemployment rate unexpectedly fell in October.

While up from October's 1.4 percent, it was below expectations in markets for a rise to 1.6 percent.

Data showed that food, alcohol and tobacco prices rose 2.2%, slightly slower than the 2.3% increase seen a month ago.

Energy stocks were mixed as investors held their breath ahead of the OPEC meeting in Vienna, where oil producers are expected to extend a supply cut which has helped push crude prices higher this year.

Non-energy industry goods prices grew 0.4% for the second straight time.

Among big-four euro area economies, Germany's HICP inflation climbed to 1.8 percent from 1.5 percent in October.

Both euro zone stocks and the FTSE were on track for their worst monthly fall since June, down 1.7 percent on the month.

Seasonally-adjusted unemployment in the eurozone was down from 8.9 percent in September, while the figure for the European Union as a whole was 7.5 percent - the lowest since November 2008, Eurostat said. This marked the lowest rate recorded since January 2009 and beat expectations for an unchanged reading.

Exchange operator Euronext meanwhile led gains, up 3 percent after acquiring the Irish Stock Exchange for 137 million euros.

German October retail sales slumped -1.2% month over month, with the annual rate plunging to -1.4% year over year form 4.1% year over year in the previous month.

Though the eurozone is growing strongly, inflation is not rising as anticipated.

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