Equity markets across Europe took different routes while the euro touched its seven-month low on Friday session as the European Central Bank kept its interest rates and stimulus program unchanged.
The central bank retained the refinancing rate for lending at zero and the bank deposit rates at -0.4 per cent, aligned with analysts’ expectations, while its 80 billion euro bond buying program that will end in March 2017 was also steady.
The decision of the ECB prompted stock markets to end in different zone as Germany’s DAXX closed slightly higher and was up 0.09% while the French CAC and UK’s FTSE finished 0.09 per cent and 0.3 per cent respectively.
The euro, meanwhile, logged to its lowest performance since March against the US dollar after it shed 0.2 per cent and closed at 1.0902 amid investors’ speculations on further stimulus from the central bank.
ECB President Mario Draghi pulled off a dovish remark as he mentioned that the bank has yet to discuss about the extension of the bond-buying program ending next year.
Oil futures tiptoed on Friday as it took advantage on Russia’s solid commitment to push the crude production freeze that will stabilize global glut.
Energy Minister Alexander Novak reiterated that he will make proposals to his Saudi Arabian counterpart this weekend regarding price-supportive measures as part of their efforts for a much-needed output freeze.
International benchmark Brent crude futures added 42 cents and were last trading at $51.80 per barrel while its US counterpart, the West Texas Intermediate gained 22 cents and last closed at $50.85 per barrel.The members of the Organization of the Petroleum Exporting Countries will once again meet on November 30 to digest more possibilities of stabilizing oil production.