European Markets Up on U.K. Employment, BOE Lending Rate Decision

Better-than-expected unemployment data from the U.K. lifted European markets somewhat Wednesday morning. The unemployment rate declined to 8.1% for the three months that ended in May.

Minutes from the Bank of England’s July policy meeting showed that the nine-member Monetary Policy Committee voted seven-to-two for an increase in asset purchases. The committee also voted unanimously to leave the key lending rate unchanged at 0.5%.

At last check the FTSE 100 was up 0.11% to 5,635. The DAX was up 0.24% to 6,593 and the CAC 40 was up 0.69% to 3,199.

Also helping push things higher, Credit Suisse (NYSE: CS) posted ahead of schedule one of the biggest gains in the pan-European index. The bank announced a 3.6% rise in net profit for the second quarter and also said it plans to increase capital by $15.6 billion before the end of the year.