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European markets closed higher Thursday, rounding off a bumper month as investors assessed euro zone inflation data that suggests pressures from rising prices are easing.
The regional Stoxx 600 provisionally closed up 0.5% at a 10-week high.
It takes gains for the index to 5.87% for November, according to LSEG data, its best performance since January and a sharp reversal from three consecutive monthly losses.
U.S. stocks have also seen a turnaround in November, typically a strong month for equity markets, and are heading for their best month of the year.
Market sentiment has been boosted by expectations of interest rate cuts next year, as inflation continues to fall.
Euro zone inflation came in at 2.4% on an annual basis in November, according to preliminary Eurostat data, lower than the 2.7% expected by analysts surveyed by Reuters and a decline from October’s reading of 2.9%.
Economic data showed that French inflation slowed to 3.4% on an annual basis in November, down from the October reading of 4%. Third-quarter gross domestic product data for France, also released Thursday, reflected a 0.1% decline.
Oil and gas stocks were last up by 1%, as investors await announcements from the OPEC meeting on Thursday. Production cuts are expected at the policy meeting, which is being attended by members of the Organization of Petroleum Exporting Countries and its allies, including Russia.
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