European stocks closed higher with US markets closed

European stocks closed slightly higher on Thursday as investors continue to seek direction with US markets closed.

The pan-European Stoxx 600 index closed up 0.3 per cent. Oil and gas stocks pulled ahead with a 1.4 per cent gain despite the continued fall in oil prices after OPEC delayed its policy-setting meeting.

The organisation of leading oil producers will now hold a virtual meeting on November 30 to decide on crude production strategy.

Travel stocks led losses, down by 1 per cent.

European bond yields rose as the eurozone's modest economic improvement reduced expectations of rate cuts by the European Central Bank, aligning with policymakers' statements. Germany's 10-year yield increased by 6 basis points due to a court ruling, leading to at least €37 billion in new off-budget debt.

Preliminary purchasing managers’ index data from the euro zone for November showed employment fell for the first time in nearly three years.

Business activity continued to decline, though the rate of contraction slowed in output and new business.

On the central bank front, Norway held its key rate steady, in contrast to some bets that it was poised to lift.

And Turkey’s central bank hikes interest rate by 500 basis points to 40 per cent. The hike was double economists’ expectations, who had forecast a 250-basis-point hike. The move was seen as a continuation of the bank’s attempt to combat high inflation and a falling lira, the Turkish currency. Inflation in the country came in at a whopping 61 per cent in October.

Futures

The SPI futures are pointing to a 0.2 per cent gain.

Currency

One Australian dollar at 7:40 AM was buying 65.59 US cents.

Figures around the globe

European markets closed higher. London’s FTSE added 0.19 per cent, Frankfurt gained 0.23 per cent, and Paris closed 0.24 per cent higher.

Turning to Asian markets, Tokyo’s Nikkei was closed, Hong Kong’s Hang Seng gained 0.99 per cent while China’s Shanghai Composite closed 0.60 per cent higher.

The Australian share market closed 0.62 per cent lower at 7029.

Ex-dividends
CI Resources (ASX:CII) is paying 5 cents fully franked

Dividends payable
WOTSO Property (ASX:WOT)

Sources: Bloomberg, FactSet, IRESS, TradingView, UBS, Bourse Data, Trading Economics, CoinMarketCap.

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