European stocks, oil higher after eurozone data, before OPEC

LONDON: European stock markets rose Thursday on well-received regional data, while oil prices climbed awaiting OPEC’s decision on crude output levels.

Bitcoin traded at almost $10,104 according to Bloomberg data — well down on a record $11,434 reached Wednesday.

The pound extended its climb against the dollar following reports British and European Union negotiators were close to a divorce settlement deal over Brexit.

Around 1100 GMT, London’s benchmark FTSE 100 index was up 0.2 percent compared with Wednesday’s close.

In the eurozone, Frankfurt’s DAX 30 overcame a flat start to win 0.8 percent. The Paris CAC 40 gained 0.6 percent and Milan’s MIB index jumped 1.0 percent.

Europe’s economic recovery is gathering steam, with eurozone unemployment falling to the lowest level since January 2009 and inflation picking up, official figures showed Thursday.

The EU’s official statistics agency announced that the jobless rate in the single currency area fell to 8.8 percent in October, with inflation rising to 1.5 percent.

“November’s rise in headline eurozone consumer price inflation and the fall in the unemployment rate in October may offer some reassurance to the ECB as it prepares to reduce the pace of its asset purchases,” said Jennifer McKeown, chief European economist at research group Capital Economics.

The European Central Bank it starting to wind down the massive support it has given the 19-member currency zone to help it through the crises of recent years.

Traders were meanwhile awaiting “the OPEC meeting in Vienna where it is expected that oil ministers will extend the output freeze”, noted Michael Hewson, chief market analyst at CMC Markets UK.

– Tech sector hit –

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Earlier in Asia, share prices of technology firms slid following sharp losses on major US firms including Apple and Netflix.

The retreat is the latest to hit Asia as investors fret over a recent rally that has sent several indices to record highs, though a surprise jump in a gauge of Chinese factory activity provided some support to Shanghai.

The move has fuelled speculation it could spark a broad move across Asia’s central banks to lift rates as they try to avoid capital outflows with the US Federal Reserve on course to tighten policy.

While Wall Street saw the Dow chalk up a fresh record Wednesday following strong US economic growth figures, the Nasdaq took a hammering with analysts pointing to a technical shift ahead of a Senate debate on tax cuts this week.

Back in Asia, Seoul’s main stocks index shed 1.5 percent, hit by the dive in heavyweight Samsung — and after the Bank of Korea hiked interest rates for the first time in six years on continued improvement in the economy and despite concerns about an increasingly belligerent North.

– Key figures around 1100 GMT –

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London – FTSE 100: UP 0.2 percent at 7,409.87 points

Frankfurt – DAX 30: UP 0.8 percent at 13,169.6

Paris – CAC 40: UP 0.6 percent at 5,429.04

EURO STOXX 50: UP 0.6 percent at 3,609.67

Tokyo – Nikkei 225: UP 0.6 percent at 22,724.96 (close)

Hong Kong – Hang Seng: DOWN 1.5 percent at 29,177.35 (close)

Shanghai – Composite: DOWN 0.6 percent at 3,317.19 (close)

New York – DOW: UP 0.4 percent at 23,940.68 (close)

Euro/dollar: DOWN at $1.1824 from $1.1847 at 2200 GMT

Pound/dollar: UP at $1.3456 from $1.3413