4:40 PM Frankfurt – The European indexes rose on optimism of a successful bailout plan for Ireland. Euro area current account deficit rose in September. German employment climbed in the third quarter. Dutch unemployment rate fell in October but consumer confidence improved in November. Portugal PPI rose in October.
U.S. and Asian markets traded higher on hopes for a resolution to the Irish debt crisis and expectations that China would use other measures to stem inflation and tighten home lending.
Swiss trade surplus climbed in October. Swedish unemployment rate fell in October.
In Paris CAC 40 Index increased 54.39 or 1.43% to close at 3,846.74 and in Frankfurt DAX Index edged higher 92.00 or 1.37% to close at 6,792.07.
Ireland Bailout Plan Talks
The Irish government is due to begin high level talks with representatives from the European Union, the European Central Bank, and the International Monetary Fund in Dublin today towards resolving the Republic''s fiscal crisis.
Reports suggest the government will try to prevent any increase in the €6 billion worth of savings and spending cuts proposed for the 2011 budget and the €15 billion target set for the next four years.
The Irish Republic is expecting a loan of ""tens of billions"" of euros to be offered by the European Union and the International Monetary Fund as talks begin in Dublin, the country''s central bank Governor Patrick Honohan stated on Thursday.
The euro-zone will withstand the current economic crisis in Ireland, Finland Prime Minister Mari Kiviniemi told broadcaster YLE on Thursday.
The premier said, ""EU nations are united in their support for Ireland and all indicators show that the euro area will prevail.""
Euro-zone Current Account Deficit Rises
The euro-zone''s current account deficit rose sharply in September on the back of larger shortfalls in the income and current transfers accounts, according to latest figures released today.
The European Central Bank said the seasonally adjusted current account deficit rose to €13.1 billion in September from €6.9 billion in August. The income account deficit surged to €5.5 billion in September from €1.3 billion in August and the current transfers account shortfall rose to €11.3 billion n September from €7.6 billion in August.
German Employment Rises; Bundesbank Confident on Deficit Target
German employment increased in the third quarter from the previous year, according to official data released today. The number of persons in employment whose place of employment was in Germany totaled 40.65 million in the third quarter, which was an increase of 307,000 persons or 0.8% over a year ago, the Federal Statistics Office said. In the second quarter, employment rose 0.4%.
Compared to the second quarter, the number of persons in employment rose 290,000 persons or 0.7% in the third quarter.
The Bundesbank said on Thursday that Germany would meet the EU-allowed budget deficit limit of 3% of gross domestic product in 2011. The Bundesbank bank further said banks are not holding back Germany''s recovery.
Dutch Unemployment Falls; Consumer Confidence Improves
Dutch seasonally adjusted unemployment fell to 5.2% in October from 5.3% in September, the Central Bureau of Statistics said on Thursday. The number of unemployed totaled 410,000 in October, as against the 412,000 persons unemployed in September.
Dutch consumer confidence index increased to minus 7 in November from minus 10 in October, according to a report by the Central Bureau of Statistics released today. Consumer''s willingness to buy index rose to minus 8 in November from minus 9 in October.