Business

India’s economy lost further steam in the quarter to June as growth slid to its lowest level in more than three years. The data will be unwelcome to Prime Minister Narendra Modi, who is facing criticism for disrupting activity by scrapping high-value banknotes, creating a shock cash squeeze last year. GDP grew 5.7 percent in the latest quarter, its slowest pace since the January-March quarter 2014, government data showed. It was a marked slowdown from a 6.1 percent growth in the January-March period. (Reuters)

Eurozone inflation rose more than expected in August, official data showed on Thursday, just as the ECB prepares to debate whether to tighten policy after 2-1/2 years of unprecedented stimulus. Inflation in the 19-country currency bloc, targeted by the ECB at just below 2 percent, accelerated to 1.5 percent in August from 1.3 percent, coming just ahead of expectations for 1.4 percent on the back of higher energy costs, Eurostat said on Thursday. Underlying inflation, or prices excluding volatile food and energy costs, a figure closely watched by ECB policymakers, held steady at 1.3 percent. (Reuters)

Unemployment in Germany held at record lows in August, official data showed Thursday, as a general election looms in September where Chancellor Angela Merkel’s conservatives are widely expected to win. Joblessness in Europe’s largest economy stood at 5.7 percent this month, in seasonally-adjusted figures from the Federal Labor Agency. In absolute terms, the number of people unemployed fell by 5,000 to 2.532 million in August in seasonally-adjusted terms. Unadjusted figures - which are less representative of underlying trends - showed a slight rise in unemployment this month, however, adding 0.1 percentage point month-on-month to 5.7 percent. In concrete terms, the unadjusted jobless total increased by 27,000 to 2.545 million. (AFP)

Britain’s top share index rose on Thursday, extending gains from the previous session as support from commodities-related stocks and financials kept the blue-chip index on course for a second consecutive monthly gain. The FTSE 100 was up 0.6 percent at 7,410.27 points by 0910 GMT, while mid-caps rose 0.5 percent. Mining stocks were the standout performers, with Antofagasta, Anglo American, Glencore and Rio Tinto among the top gainers as the price of copper strengthened. Mining companies have been among the best-performers in August, with the sector set to end the month up about 8 percent. (Reuters)

Europe’s shares extended their relief bounce on Thursday but were unlikely to avoid a third straight month of losses as they entered the last trading day of an unusually turbulent August, and a profit warning from Carrefour sank the retail sector. The pan-European STOXX 600 gained 0.5 percent while euro zone stocks and blue-chips rose 0.6 percent, boosted by strong gains from miners and construction stocks, while the retail sector dropped 1.3 percent. Carrefour shares fell 14 percent, set for their worst daily dive in 20 years, after the French supermarket chain warned 2017 profit could fall by 12 percent and cut its sales growth target. French peer Casino also fell more than 5 percent. The STOXX 600 was set to close in the red for a third month. (Reuters)

Hong Kong stocks eased on Thursday, but posted an eighth successive month of gains as China’s economic recovery and continuous money inflows from the mainland sustained the bullish momentum. The Hang Seng index fell 0.4 percent, to 27,970.30, while the China Enterprises Index lost 0.7 percent, to 11,295.44 points. But for the month, the Hang Seng gained 2.4 percent, underpinned by further signs of an expanding Chinese economy. The HSCE, which tracks Chinese firms, was even more bullish, up 4.3 percent in August. (Reuters)