Major stock indices in Europe show gains

European stocks traded higher, receiving support from oil prices, as well as a slight decline in bond yields, which stimulates the demand for risky assets.

Oil has risen by almost 2%, as investors continue to hope that the oil-producing countries will be able to reach an agreement on production cuts. It is reported that the OPEC countries are making final diplomatic efforts to strike a deal to reduce oil production, and Qatar, Algeria and Venezuela seek to resolve conflicts. The final decision should be taken at a meeting of OPEC on November 30 in Vienna. Recall, according to the results of an informal meeting in September in Algeria, OPEC agreed to reduce production in the range of 32,5-33 mln. barrels per day.

Certain influence on the dynamics of trades also provide statistical data from UK and the eurozone. The Office for National Statistics said that consumer price inflation in the UK unexpectedly weakened last month, but producer prices rose at the fastest pace in recent years, which was caused by a large-scale collapse of the pound after Brexit. According to the report, consumer prices rose in October by 0.9 percent compared to the same period of 2015. Analysts had expected an increase of 1.1 percent. Recall, consumer prices increased by 1.0 percent in September. Meanwhile, producer prices rose by 2.1 per cent per annum, which also turned out to be faster than expected (+1.7 percent). In addition, it was the largest increase since April 2012. Costs faced by manufacturers when purchasing raw materials and oil recorded a record monthly jump in October and rose by 4.6 percent. In addition, the report showed that the rate of core consumer price inflation - which excludes changes in prices for energy, food, alcohol and tobacco - has slowed the pace of growth to 1.2 percent from 1.5 percent in September. Economists had expected the index to increase again by 1.5 percent.

The revised data released by Eurostat, showed that economic growth in the euro area remained stable in the third quarter, and confirmed the preliminary estimates presented at the end of October. According to the report, the gross domestic product of 19 countries in the currency bloc rose by 0.3 percent in the third quarter relative to the previous three-month period and increased by 1.6 percent year on year. Last change coincided with forecasts. In addition, the total GDP of the European Union in the third quarter rose by 0.4 percent compared to the second quarter and 1.8 percent year on year. The pace of growth in line with that recorded in the second quarter.

The composite index of the largest companies in the region Stoxx Europe Index 600 shows an increase of 0.1 percent.

Mining companies are on the way for the biggest drop since July, the cause of which was a decline of base metals after a 13 percent rally in the last six sessions. Antofagasta and Rio Tinto fell by at least 4 percent.

The cost of Hennes & Mauritz rose 2.3 percent after the retailer reported a rise in sales in October.

EasyJet shares rose 3.4 percent, as the airline's annual profit exceeded expectations.

Capitalization of TalkTalk Telecom Group fell 6.3 percent against the backdrop of reports that full-year earnings will be near the lower boundary of the previous forecast range.

Vodafone securities fell 0.3 percent as the British mobile operator narrowed the range forecast for full-year earnings.

At the moment:

FTSE 100 +41.64 6794.82 + 0.62%

DAX +0.89 10694.58 + 0.01%

CAC 40 +15.30 4523.85 + 0.34%