Confidence among shoppers in Germany has dipped according to a survey, amid worries over Europe's largest economy.  The forward-looking GfK consumer sentiment indicator fell to 9.3 points for December from 9.4 points in the previous month.  The score is the lowest since February, but was above analysts' predictions.   Confidence in the economy among German consumers dropped for the sixth consecutive month, although the pace reduced.  Concern about the labour market led the way, according to the survey of 2,000 shoppers, with 69% of all those surveyed expecting an increase in unemployment due to the influx of asylum seekers this year.   This month's survey was conducted before the attacks in Paris on 13 November.  In contrast to general sentiment, optimism for making a big purchase improved, with the sub-index for willingness to buy climbing by three points to 48.9.

GfK analyst Rolf Buerkl said he was optimistic for this year's Christmas sales, as customers might be tempted to shop online if they are concerned for public safety.  "It is possible that a few people here and there will avoid going to the Christmas market or visiting a shopping mall," Mr Buerkl said.

Sixteen Romanian energy projects are included by the European Commission on the list of projects of common interest (PCI) to achieve the objectives of the Energy Union, according to the first annual report on this initiative. By including them on the list, projects are eligible for funding via Connecting Europe financing facility.  European Commissioner for Climate and Energy, Arias Cañete, said at the launch of the report: “A modern and reliable energy infrastructure is an essential element for the energy to circulate freely in Europe. All these projects will support the integration of energy markets, will diversify sources and supply routes and will end the isolation of some Member States. Our funds, invested in these projects, will serve the goal of providing to all Europeans clean energy at affordable prices.” Maroš Šefčovič, Vice-President responsible for energy union, said: “After nine months, we can say with confidence that we did not strayed from the path to realize the Energy Union. My messages for 2016 are clear. First, the EU should continue to play a leading role in the transition to a low carbon economy. Second, this transition should be socially equitable and focused on the consumer. Third, geopolitical challenges that we faced this year will not disappear. Also, 2016 will be the year when we will establish a robust system of governance, ensuring predictability and transparency, the environment that investors need. In conclusion, 2016 will be a year of accomplishments!”

There are three parallels between the Eurozone and the migration crises: the hybrid nature of European governance structures that are little prepared to face up to major external challenges; the preeminence of Germany as a key player; and the important role of a peripheral country – Greece – as a conduit for an external challenge that is becoming an internal crisis.  These issues will determine whether and how the EU will overcome the refugee crisis. They are also, all the same, the areas in which the EU’s capacities have been most stretched by the Eurozone crisis.  First, much as the Eurozone, Schengen reflects the willingness of EU member-states to cooperate in an area that touches upon the core of national sovereignty (border control), but without fully delegating decision-making and legislative and regulatory initiatives to a supranational agency (like the Commission in ‘first pillar’ policies). While the involvement of the Commission can be significant, political impetus requires intergovernmental agreement while effective implementation relies on national policies, in border control as much as macroeconomic policy. This makes both structures slow in responding to external challenges.

Stocks plunge by as much as 6pc as markets hit by regulatory probe and fresh fears over stability of the financial sector .. China's stock market plunged on Friday after several brokerage firms said they were being investigated by regulators over securities violations.

The Shanghai Composite Index fell by as much as 6.14pc to 3,412.43, while the Shenzhen composite, which tracks stocks on China's second exchange, tumbled 6.66pc, to 2,170.73.

Citic Securities and Guosen Securities plunged by the daily limit of 10pc in Shanghai after admitting they were under investigation for alleged rule violations.

Reports in the media suggested Haitong Securities was also being probed as the shares were suspended on Friday. Experts have called time on China's three-decade growth miracle, as the economy makes the delicate transition towards domestic consumption from investment-led growth. Official figures show growth fell to a six-year low of 6.9pc in the third quarter.

Ukraine has banned all Russian planes from using its airspace and exports of Russian gas to Ukraine have been halted by state-controlled giant Gazprom.  The decision was announced by Ukrainian Prime Minister Arseniy Yatsenyuk at a televised government meeting.  Gazprom said it had halted gas deliveries to Ukraine because it had used up all the gas it had paid for.  But Ukraine said it had stopped buying from Gazprom because it could get cheaper gas from Europe.  The airspace ban applies to military planes as well as civil airliners.  "The Ukrainian government has decided to ban all transit flights for all Russian airlines in Ukraine's airspace," said Mr Yatsenyuk.  "The government is instructing [aviation authority] Ukraerorukh, in line with the norms of international law, to inform the Russian Federation that Russian airlines and Russian aircraft do not have the right to use Ukraine's airspace any longer." Following previous clashes over gas supplies, the two countries had agreed that Ukraine would pay for its gas in advance.  But Gazprom chief executive Alexei Miller said on Wednesday that Ukraine had already used up all the gas it had paid for. In a statement, Mr Miller said that "deliveries have been stopped until the receipt of new payments from the Ukrainian company. "The refusal to buy Russian gas will create serious risks for the reliable transit of gas to Europe through Ukraine and for the supply of gas to Ukrainian consumers during the upcoming winter," he added.

Comisia Europeană a aprobat ajutorul suplimentar pe care Guvernul de la Atena îl va acorda celui mai mare grup bancare elen, Piraeus, pe baza planului de restructurare modificat, realizat după publicarea rezultatelor testelor de stres derulate de Banca Centrală Europeană, transmite Reuters, citată de Agerpres.  BCE a estimat că necesitățile de capital ale Piraeus Bank se ridică la 4,93 miliarde de euro. Din această sumă, banca a obținut 1,94 miliarde de euro de la investitorii privați iar autoritățile de supervizare au aprobat noi acțiuni de majorare a capitalului, în valoare de 271 milioane de euro. Restul de 2,72 miliarde de euro va fi acoperit de Guvernul elen, care va primi în acest scop bani de la fondul de salvare al zonei euro (ESM).  „Comisia Europeană a aprobat ajutorul suplimentar de stat de 2,72 miliarde de euro către Piraeus Bank, în conformitate cu legislația UE privind ajutorul de stat, pe baza planului de restructurare modificat”, se arată în comunicatul instituției.  Necesarul de capital al băncilor din Grecia se ridică la 14,4 miliarde de euro (15,9 miliarde de dolari), potrivit scenariului negativ al testelor de stres anunțat recent de Banca Centrală Europeană, și la 4,4 miliarde de euro, conform scenariului de bază. Multe dintre băncile grecești sunt deținute de stat și mai au doar puțini acționari privați.  Cele patru mari bănci grecești - National Bank of Greece, Piraeus Bank, Alpha Bank și Eurobank –au o prezență importantă și pe piața bancară din România.