(Paris) European stock markets closed higher on Thursday, supported by a small improvement in activity in the euro zone in November according to an indicator published during a session marked by low trading volumes, in the absence of American investors for Thanksgiving.
The Paris Stock Exchange closed up 0.24%, Frankfurt gained 0.23% and London advanced 0.19%.
“It was a relatively quiet day in the markets, as would be expected due to the Thanksgiving holiday in the United States,” comments Oanda analyst Craig Erlam.
The main event of the session was the first estimate of PMI activity indicators for the euro zone in both services and industry.
Private sector activity contracted in November in the euro zone for the sixth consecutive month, but at a slower pace than in October, according to the Flash PMI index published Thursday by S&P Global.
The index, calculated based on business surveys, recovered to 47.1, from 46.5 in October, and still signals a risk of recession in the fourth quarter. A number above 50 shows growth in activity, while a number below indicates contraction.
Furthermore, the report of the last meeting of the European Central Bank (ECB) was also on the agenda of the session.
The release was “largely in line with expectations, with policymakers not yet ready to declare victory over inflation, instead insisting on leaving the door open to another rate hike, while recognizing that they are on the path to “on track to bring inflation back to target by 2025,” continues Craig Erlam.
Novo Nordisk wants to be bigger
The Danish laboratory Novo Nordisk (+1.10%), the largest European capitalization, announced Thursday an investment of more than two billion euros in France for the production of drugs against diabetes and obesity.
Novo Nordisk’s precursor drug in obesity (“Wegovy”) is marketed in the United States, Denmark, Norway, the United Kingdom and recently in Switzerland. The laboratory plans to apply for certification in France in 2024.
Oil still falling
Oil prices accelerated their losses on Thursday, weighed down by the postponement of the OPEC+ alliance meeting, fueling rumors of discord between its members and casting doubt on the maintenance of voluntary production reductions by Saudi Arabia.
Around 11:50 a.m. (Eastern time), a barrel of Brent from the North Sea, for delivery in January, lost 1.20% to $80.98.
Its American equivalent, a barrel of West Texas Intermediate (WTI), for delivery the same month, fell 1.41% to $76.01.
The euro rose 0.15% against the dollar, to $1.0904, and the British currency climbed 0.30% against the greenback, to $1.2532.
Bitcoin fell 1.36% to $37,112.