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In its issuance programme for the fourth quarter released late on Friday the Treasury raised its estimate for gross debt issuance this year to 333 billion euros ($351.95 billion). That compared with its forecast of 310-320 billion euros made at the start of the year. Germany reduced its needs in the fourth quarter by 31 billion euros ($32.59 billion). The Treasury has so far covered around 80% of its 2023 gross funding needs, it estimated on Friday. For the fourth quarter, the Treasury estimated gross issuance of medium and long-term bonds at around 60 billion euros, with issuance net of redemptions seen at a negative 12 billion euros over the same period.

Persons: JP Morgan, Analysts, Italy –, Giorgia Meloni, Giuseppe Fonte, Gavin Jones Organizations: European Union, Treasury, European Commission, Thomson Locations: Italy, Rome, MILAN, ROME, Germany, Portugal, France, London

Italy's bond, which marks its third green bond and matures on 30 October 2031, was priced to yield 4.056%. Elsewhere, Cyprus raised 1 billion euros from its first sustainable bond, the country's debt office said, becoming the latest European government to enter the market. Sustainable bonds are a broader form ESG debt, proceeds from which can be spent on both green and social projects. Cyprus follows a number of smaller countries including Slovenia and Luxembourg opting for sustainable bonds as they often struggle to find enough projects to back standalone green bonds. Leonidou said Cyprus expects to sell sustainable bonds every two or three years going forward.

In recent years some euro zone countries have sought to rein in temporary contracts to promote stable jobs. It also plans to reduce the labour tax costs to employers of temporary contracts, which were raised in 2018. The reform reversed the easy hire-and-fire regime put in place after the sovereign debt crisis a decade ago by abolishing most forms of temporary contracts. Within that total, the number of temporary workers has jumped by 25% from 2.4 million to 3.0 million. Stable contracts should be the norm, not the exception," she said.

While the error margins are unlikely to distort euro inflation in the long-term, economists say they could warp inflation expectations if not addressed, at a time when the European Central Bank is raising rates aggressively to tame double-digit inflation. As falling energy prices will take time to be reflected in household contracts, the current methodology will underestimate inflation when energy prices fall, CBS said. More volatility could follow when Germany introduces a cap on energy prices in March, that will also cut costs for January and February retroactively, he said. Eurostat has said that only measures that have a direct impact on energy prices, known to consumers before they purchase the energy, should reflect in inflation calculations. FEEDTHROUGH RISKSWith inflation at 10%, the calculation issues are unlikely to significantly impact the aggregate euro zone inflation print.

☆ Youth in Spain see jobs gain after years of instability
▼ + stars: | 2022-12-19 | by ( Belén Carreño | ) www.reuters.com time to read: +5 min

Youth unemployment rates that reached more than 55% in the years after the financial crisis fell to 31% in the third quarter - against an overall unemployment rate of 12.6%, according to the National Statistics Office, INE. Youth unemployment is a chronic problem in southern European countries. Greece, whose rates of youth unemployment are similar to Spain's, wants to reduce its youth unemployment rate to 18% by 2030 and is introducing subsidies for pension and health fund costs to reduce labour costs, as well as special training programmes. Previously, employers used temporary contracts as a safety net in times of crisis. Before the labour reform, the rate of temporary contracts, which in the last decade has been around 25% of all jobs, resulted in a high turnover of jobs, inflating the overall unemployment rate.

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