European stocks mixed, Oil prices higher

Oil bulls await OPEC+ meeting and the yuan holds steady amid PMI data

By Nadia Elbilassy | @Nadia Elbilassy | 29 November 2023

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  • The spotlight in Asia is on the Purchasing Managers' Index (PMI) readings for November, with projections indicating sustained weakness.

  • Oil prices experienced a slight uptick on Wednesday, propelled by a Black Sea storm and caution ahead of a crucial OPEC+ meeting.

  • European stocks displayed a mixed performance as investors awaited key inflation data later in the week.

On the Market Watch!

European stocks

European stocks were in the mix this Tuesday as investors awaited key inflation data later in the week. European stocks have performed well in November, with the benchmark STOXX 600 poised to achieve its most impressive monthly gains since January.

Germany’s DAX continued to surge near $16,133 trading above both 200-day and 50-day moving averages. On the other hand, the FTSE100, hovered near 7,446 after falling earlier in the session to 7,407.

China’s Yuan

This week, the spotlight is on the Purchasing Managers' Index (PMI) readings for November, scheduled for release on Thursday. Projections indicate a sustained weakness in business activity, following a series of disappointing readings in October.

The Chinese yuan experienced minimal movement despite a slightly stronger daily midpoint fix set by the People's Bank of China. Ongoing worries about a sluggish economic recovery in China and delayed stimulus measures dented recovery for the currency.

The concerns surrounding China have had a dampening effect on Asian markets in recent months, given the nation's significant role as a trading hub in the region. Beijing's cautious approach in implementing additional policy support for the economy has also contributed to market uncertainties.

Oil prices

Oil prices inched higher on Wednesday on the back of a storm in the Black Sea that provided a boost to prices. Investors also exercised caution ahead of a pivotal OPEC+ meeting that will determine output policies for the coming year. Additionally, a supply disruption caused by a storm in the Black Sea provided a boost to prices.

Brent crude saw an increase of 0.5% reaching $82.37 a barrel. Meanwhile, U.S. West Texas Intermediate (WTI) crude rose almost 0.5%, reaching $77.50 a barrel.