Stock markets in Europe, confused while waiting for the OPEC meeting and the Italian referendum

Stock markets in Europe, confused while waiting for the OPEC meeting and the Italian referendum

By: Oliver Miller | Where To Trade | On:Tuesday, 29 November, 2016
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Oil prices went lower as concerns get bigger ahead OPEC's meeting on Wednesday, and investors preferred to stay in the safe zone before the Italian referendum happening this week. 

This made the European stocks to be mixed and confused on Tuesday,with results both high and low.

The EURO STOXX 50 went higher by 0.07%, Germany's DAX 30 went lower 0.19% and France's CAC 40 went higher by 0.33% on Tuesday during the European Morning Trade.

Italy's citizens are called for a referendum on December the 4th, when they will have to decide if they will overstep their national constitution and will implement economic reforms trough their Prime Minister Matteo Renzi. 

The referendum is seen as a life changing vote for Matteo Renzi's political life, as he will allegedly resign if a "no" vote will predominate. 
According to latest polls in Italy, most of the Italian citizen are opposing the new changes in the national constitution.

Financial stocks were in a state of confusion. 

Societe Generale in France rose 33%, Deutsche Bank in Germany lost 0.11%, and Italy;s Unicredit gained 0.90%. In Spain, Banco Santander went higher by 0.29%. 

As oil prices went lower on Monday,the energy stocks had an accordingly road,as Wednesday's OPEC metting gives birth to new fears. 

Total SA, France's most important distributor of oil and gas, went down 1.04%, ENI in Italy tumbled 0.56% and Statoil in Norway went down 0.83%.

In India, Tata Steel Limited plans to merge with European steel operation Thyssenkrupp and this way reduce the size of Great Britain's largest steel plant. The steel plant is located in Whales at Port Talbot. 

The news made Thyssenkrupp's shares to fell 0.91%.
In London, FTSE lost 0.37%, caused by losses in the mining industry: BHP Billiton went down by 0.37%, Fresnillio lost 2.43% and Antofagsta lost 3.36%. 
London's financial stocks were also added to the list of losses, with HSBC Holdings that lost 0.09% and Royal Bank of Scotland that went down 1.20%. 

The financial stocks in London were saved by Barclay's performance, with shares that rose 0.78%.
In USA, Dow Jones Industrial futures and the S&P 500 gained 0.08% and 0.07%. 
The Nasdaq 100 futures rose by 0.07%.

 

Oliver Miller

Oliver Miller

"Patience is the key for success"

Oliver Miller is one of the best financial analyst with 18 years of online trading experience

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