German Unemployment Rises; ECB October Rate Cut Back on Table
German unemployment rose more than expected this month, with a seasonally adjusted increase of 17,000 to 2.82 million. Despite a non-adjusted fall of 65,600, experts believe the weakening labor market trend will continue. This data has put a potential rate cut by the European Central Bank (ECB) back on the table for their October meeting.
Murdoch’s REA Raises Rightmove Bid to £6.2bn
Billionaire Rupert Murdoch’s REA Group has made a fourth offer to buy British property portal Rightmove for £6.2bn. The company has increased its cash and shares offer to 781p per share, urging immediate engagement from the Rightmove board. Despite previous rejections, REA remains persistent in its pursuit of the deal.
Telegraph Auction: Owners of New York Sun and Spectator the Frontrunners
The auction to buy The Daily and Sunday Telegraph is coming to a close, with several suitors submitting second round offers. The US owner of the New York Sun and the backer of GB News, along with at least three other parties, are expected to bid. The auction comes amid a complex and competitive process for the historic newspaper business.
Inflation Slows in France and Spain
Inflation rates in France and Spain have fallen more than anticipated. France’s rate dropped to 1.2% in September, while Spain’s declined to 1.7%, mainly due to falling energy and fuel prices. These figures have led to the market predicting a 70% chance of an ECB rate cut next month.
Global Markets End September Strong
Global markets are set to end September positively, with Asian and US stocks showing gains. Chinese stocks are on track for their best week since 2008 after Beijing introduced stimulus measures. Japanese leadership changes and economic data releases are also impacting market trends.
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