
Euro zone unemployment holds at record low
The jobless rate of the 20 nations sharing the euro held steady at 6.2% in June after the May figure was revised down to 6.2% from 6.3%, Eurostat said. In the broader European Union, the jobless rate was unchanged at 5.9%.
There were 10.70 million people out of work in the euro area, down from 10.76 million a month earlier and 10.99 million a year ago, Eurostat added.
Economic growth was expected to falter in the second quarter and the jobless rate was seen ticking up as the economy suffered from uncertainty relating to tariffs and the bloc's future trade relationship with the U.S., one of its top export markets.
However, growth held up better than feared and key business surveys suggest that the bloc is managing the uncertainty, with domestic consumption keeping growth going and manufacturing recovering from a multi-year recession.
The bloc has also benefited from a string of interest rate cuts as the ECB halved its key rate to 2% in the year to June, giving construction and business investment a boost.
But this resilience is a key reason why a growing number of investors think the ECB is done cutting rates and markets see a less than 50% chance of another move this year.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


The Independent
7 minutes ago
- The Independent
Thousands march against plan to build massive bridge linking Sicily to Italy's mainland
Thousands of people marched in the Sicilian city of Messina on Saturday to protest a government plan to build a bridge that would connect the Italian mainland with Sicily in a massive 13.5-billion-euro ($15.5 billion) infrastructure project. Protesters staunchly oppose the Strait of Messina Bridge project over its scale, earthquake threats, environmental impact and the specter of mafia interference. The idea to build a bridge to connect Sicily to the rest of Italy has been debated off and on for decades but always delayed due to these concerns. The project, however, took a major step forward when a government committee overseeing strategic public investments approved the plan this week. Transport Minister Matteo Salvini, the project's main political backer, called it 'the biggest infrastructure project in the West.' Salvini cited studies estimating the project would create up to 120,000 jobs annually and help stimulate economic growth in economically lagging southern Italy, as billions more are invested in surrounding road and infrastructure improvements. Opponents are not convinced by these arguments. They are also angry that about 500 families would have to be expropriated in order for the bridge to be built. 'The Strait of Messina can't be touched,' protesters shouted as they marched in Messina. Many carried banners that said 'No Ponte' (No Bridge). Organizers estimated crowd size at 10,000 people. The proposed bridge would span nearly 3.7 kilometers (2.2 miles) with a suspended section of 3.3 kilometers (more than 2 miles). It would surpass Turkey's Canakkale Bridge by 1,277 meters (4,189 feet) to become the longest suspension bridge in the world. Preliminary work could begin as early as late September or early October, pending approval from Italy's Court of Audit. Full construction is scheduled to begin in 2026, with completion targeted between 2032 and 2033. Plans for a bridge have been approved and canceled multiple times since the Italian government first solicited proposals for one in 1969. Premier Giorgia Meloni's administration revived the project in 2023. With three car lanes in each direction flanked by a double-track railway, the bridge would have the capacity to carry 6,000 cars an hour and 200 trains a day — reducing the time to cross the strait by ferry from up to 100 minutes to 10 minutes by car. Trains would save 2/12 hours in transit time, Salvini said. The project could also support Italy's commitment to raise defense spending to 5% of GDP targeted by NATO, as the government has indicated it would classify the bridge as defense-related. Italy argues that the bridge would form a strategic corridor for rapid troop movements and equipment deployment, qualifying it as 'security-enhancing infrastructure.' Environmental groups, however, have lodged complaints with the EU, citing concerns that the project would impact migratory birds. Italy's president has also insisted that the project remain subject to anti-mafia legislation that applies to all large-scale infrastructure projects. Salvini pledged that keeping organized crime out of the project was a top priority.


Daily Mail
7 minutes ago
- Daily Mail
JPMORGAN CLAVERHOUSE: Trust is backing British as it delivers its 53rd year of growth
Investment trust JPMorgan Claverhouse is in pretty good shape. Bar any shocks in the coming months, the £507 million fund is well on its way to delivering 53 years of annual dividend growth. And with interest rates cut on Thursday to 4 per cent, the managers of the UK-focused trust are very much in a positive mood. 'The trust's dividend record cannot be sniffed at,' says Anthony Lynch, part of a three-strong team at JPMorgan Asset Management that oversees the fund's 63-stock portfolio. 'Bar City of London, no other trust investing purely in UK equities has a longer record of income growth and the annual increase over this period has averaged 9 per cent – well ahead of inflation.' So far this financial year, the trust has announced two quarterly dividends of 8.4 p a share – 1.8 per cent ahead of equivalent payments made last year. With a share price of just above about £7.90, the trust offers investors an appealing annual dividend yield of 4.5 per cent. Lynch says another big plus is the quality of the investment team that have been together on the trust since June last year. He explains: 'All three of us – Callum Abbot, Katen Patel and myself – have at least 15 years of investment experience under our belts and at least 20 years ahead of us. We're in it for the long term.' The performance numbers are solid, with the trust outperforming its benchmark – the FTSE All-Share Index – over the past one, three and five years. Over five, for example, it has generated a total return of 78.8 per cent. The Index sits at 75.4 per cent. Lynch believes the UK stock market remains cheap and says that with 70 per cent of the revenue from FTSE All-Share stocks coming from overseas, it represents a super way to secure exposure to global companies at bargain prices. 'In the year to date, UK equities have outperformed both the US and global stock markets,' he adds. 'And there is no reason why it can't continue.' Although the trust's biggest stakes are in FTSE 100 stocks, the investment team has been buying more mid- and small-capitalised stocks. Key positions have been taken in FTSE 250 stocks Serco and Dunelm. 'Outsourcer Serco has had its troubles in the past ten years,' says Lynch, 'but the market misses the fact that 40 per cent of its order book is defence-related. As for Dunelm, the furniture retailer continues to grab market share, in the process outperforming the likes of Argos and John Lewis.' The fund's diverse portfolio allows the managers to mine dividend income from a multitude of sources, he adds. The trust's biggest sector position is in financials which account for just less than a third of the portfolio. Its biggest overweight position in this sector is NatWest. 'This bank will become more profitable and offers the prospect of dividend growth,' says Lynch. Although the banks face a multi-billion-pound compensation bill as a result of the motor finance mis-selling scandal, he says the cost is likely not to be as big as many feared. Some bank shares rose after Monday's announcement from the City regulator that the redress would total between £9 billion and £18 billion. The trust's annual charges total 0.63 per cent and will tickle down as its assets grow. Its market ticker is JCH and identification code 0342218. The shares currently trade at a 6 per cent discount. Lynch says shares are bought back to ensure the discount stays as close to 5 per cent as possible.


The Sun
8 minutes ago
- The Sun
Marks & Spencer brings back key service for thousands of customers after crippling cyber attack
MARKS and Spencer has restored one of its most popular services after the retailer was hit by a massive cyberattack. It has returned for the first time in nearly four months since the incident in April. 2 2 The retailer's click and collect option is now back online - making it the last of its major services to be restored. The breach disrupted operations through April and May. Customers were left unable to place orders on line and collect deliveries during the chaos that ensured. Online orders were suspended on April 25 via the retailer's website and mobile app. Customer information was also reportedly stolen in the cyberattack. But after months of the delays, the click and collect service has now finally been restored. This lets customers order online and collect their items the following day. M&S has not confirmed the reason for the delay. The attack was reportedly carried out by a ransomware operator named as DragonForce. It crafts ransomware that locks up a victim's files and rents it out to other criminals. The attack on M&S started on Saturday, April 19. It left disappointed customers unable to collect purchases or return items. M&S, has refused to say whether or not a ransom was paid, the Times has reported. But it added that the incident would be expected to cost about £300 million. Company chair Archie Norman previously said the company hoped to recover some losses from insurance payouts. M&S is believed to be strengthening its cybersecurity measures to prevent future attacks. The retailer said in May that disruption had been expected to continue through July. Timeline of cyber attack Saturday, April 19: Initial reports emerge on social media of problems with contactless payments and click-and-collect services at M&S stores across the UK. Customers experience difficulties collecting online purchases and returning items due to system issues. Monday, April 21: Problems with contactless payments and click-and-collect persist. M&S officially acknowledges the "cyber incident" in a statement to the London Stock Exchange. CEO Stuart Machin apologises for the disruption and confirms "minor, temporary changes" to store operations. M&S notifies the National Cyber Security Centre (NCSC) and the Information Commissioner's Office (ICO) and engages external cybersecurity experts. Tuesday, April 22: Disruptions continue. M&S takes further systems offline as part of "proactive management". Wednesday, April 23: Despite earlier claims of customer-facing systems returning to normal, M&S continues to adjust operations to maintain security. Contactless payments are initially restored, but other services, including click-and-collect, remain affected. Thursday, April 24: Contactless payments and click-and-collect services are still unavailable. Reports surface suggesting the attackers possibly gained access to data in February. Friday, April 25: M&S suspends all online and app orders in the UK and Ireland for clothing and food, although customers can still browse products. This decision leads to a 5% drop in M&S's share price. Monday, April 28: M&S is still unable to process online orders. Around 200 agency workers at the main distribution centre are told to stay home. Tuesday, April 29: Information suggests that the hacker group Scattered Spider is likely behind the attack. Shoppers spot empty shelves in selected stores. Tuesday, May 13: M&S revealed that some customer information has been stolen. Wednesday, May 21: The retailer said disruption from the attack is expected to continue through to July. Tuesday, June 10: M&S begins taking online orders again for home delivery in England, Scotland and Wales. Tuesday, June 24: A selection of third-party brands a reintroduced on its website.