Eurozone unemployment remained at a record low of 6.4% in August, despite a weakening economy. Economists predict an increase in the rate due to ongoing economic weakness, particularly in Germany. Israeli officials are considering targeting Iranian oil facilities in retaliation for a recent missile attack, with US lawmakers supporting a strike on Iran’s oil refineries.
Maersk continues to send ships to Beirut despite the incursion of Israeli troops into Lebanon. MusicMagpie, a second-hand smartphone seller, has agreed to a £10 million takeover by retailer AO World after listing shares in 2021 with a £200 million valuation. JD Sports has reported a drop in profits due to disruptions in the Red Sea and poor weather affecting sales.
Oil prices have risen as European traders react to the Middle Eastern conflicts, with BP and Shell seeing gains on the FTSE 100. European stock markets have generally gained ground on Wednesday morning, with oil prices rising as investors await Israel’s response to the recent missile attacks by Iran.
Investors are concerned about the risk of threats to energy supplies after Iran’s missile attack on Israel and are awaiting a response from Israel. Asian stock markets outside China have slumped, while Hong Kong’s market has soared due to Beijing’s stimulus. Investors are now waiting to see how Israel will respond and how the conflict in the Middle East will unfold.
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