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Poland Jobless Rate Rises to 6.5% in January, South African Stocks Extend Losses, Spanish Stocks Trade at Over 1-Week High

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Poland Jobless Rate Rises to 6.5% in January
Poland’s unemployment rate rose to 6.5 percent in January of 2021 from 6.2 percent in the previous month and matching market consensus. It was the highest jobless rate since March of 2018, as the number of unemployed increased by 168.2 thousand to a near three-year high of 1.046 million.

South African Stocks Extend Losses
The FTSE/JSE All Share Index in South Africa fell 0.6% to around 66,957 on Tuesday, extending losses for a second straight session, as investors remained cautious ahead of the Finance Minister’s budget speech. At the same time, latest data showed South Africa’s unemployment rate climbed to a new record high of 32.5% in the fourth quarter of 2020.

Spanish Stocks Trade at Over 1-Week High
The IBEX 35 rose more than 1% to around 8,199 on Tuesday, its highest level since February 15th. Tourism stocks were among the top performers, amid hopes of a vaccine-driven recovery and the prospect of easing lockdown restrictions. In Spain, the number of cases continues to fall which already prompted some regions to lift some restrictions. There was news that Madrid will now relax residence restrictions and allow vaccinated elderly to visit relatives. With just under 21,000 new coronavirus cases reported on Monday, Spain saw the lowest number of weekend infections so far this year. Meanwhile, investors await Fed Chair Jerome Powell Testimony on the economy later in the day amid worries about rising inflation. At the same time, core European government bond yields resumed their upward trajectory, even after the European Central Bank President Christine Lagarde on Monday signalled the ECB was closely monitoring the evolution of nominal long-term bond yields.

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