Spain Jobless Rate Drops Economy Recovers

The unemployment rate of Spain went down to its lowest since the end of 2011, Spain's economy is now the fastest-growing in Europe. The jobless rate is down to 23.7% in 3 months up to September. Previous quarter's jobless rate is at 24.5%. Their economy grew about 0.5%.

Prime Minister Mariano Rajoy go easy on laws about wage cuts and dismissal from work back in 2012 to encourage the hiring of people from companies. However, unemployment rate is still the 2nd highest in the European Union after Greece.

Analyst Diego Trivino said that “It’ll take the economy about 8 years to recover pre-crisis job levels. Unemployment will remain high and close to 18% for the next five years.”

Economists surveyed by Bloomberg News forecast a decline in joblessness to 24.1 percent in the third quarter.

The number of jobs rose 1.59 percent from a year ago in the third quarter, INE data released today show. In seasonally adjusted terms, job creation increased from the previous three months, marking the fourth straight quarterly gain.

AMD US Chip Maker to layoff 7% of employees to increase profits

U.S. chip maker Advanced Micro Devices Inc which is struggling recently announced on Thursday October 16 that they will be reducing their global workforce by 7% to raise profits.

The company's performance for the last three quarters are below the market expectations. Because of this announcement the shares of AMD went down by around 5% to $2.51.

AMD on their 2014 Third Quarter reports stated that they have a Net income of $17 million which is earnings of $0.02 per share.

The earnings balanced for depreciation costs, which is close to 3 cents per share. In the previous year the organization earned $48 million which is 6 cents for every share.

AMD's revenue went down from 1.46 billion to 1.43 billion last year. Besides, the company is expecting its Q4 revenue to decline by 13%.

World stocks fall after Wall Street plunge

World stocks falls this Friday following the cue from Wall Street after it suffered its worst day of the year. The anemic German trade data didn't help and it added worry that Europe is heading into recession.

Asia: Asian markets fell sharply Friday and oil prices plunged. Tokyo's Nikkei 225 index tanked  1.3 percent to 15,286.25 points and Hong Kong’s Hang Seng index dropped 1.9% to 23,144.81. China’s Shanghai Composite fell by 0.6% to 2,375.28. Seoul fold by 1.3 percent and Sydney and Singapore also declined.

Europe: Markets across Europe traded lower. Analysts are worried that Europe is heading to recession after Germany, Europe's biggest economy, reported their weakest year-on-year export growth in 5 years. The president of the European Central Bank, Mario Draghi, gave no indication of any further monetary stimulus, suggesting in a speech in Washington that governments need to do more on the fiscal side.

DAX of Germany fell 1 percent to 8,921.50. Britain's FTSE-100 was down by 0.8 percent to 6,431.85 and France's CAC-40 slide by 0.7 percent to 4,111.50.

Wall Street is looking weak and is heading for more declines, with the future for the Dow Jones industrial average down 0.1 percent in pre-market electronic trading and the Standard & Poor's 500 flat. On Thursday, the Dow were down 335 points, or 2%, to 16,659, the blue chip index’s biggest drop since a 354 point slide on June 6, 2013. The Standard & Poors 500 slumped 2% to 1,928. The Nasdaq composite slid 2% to 4,378.

ENERGY: Benchmark U.S. crude plunged $1.34 to $84.43 per barrel on concerns slowing global economic growth will reduce demand while production stays high. The contract lost $1.56 on Thursday to $85.77. Brent crude, used to price international oils, lost $1.17 to $89.19.

CURRENCY: The dollar rose to 107.95 yen from Thursday's 107.87 yen. The euro fell 1 U.S. cent to $1.26.