Oil prices rose on uncertainty ahead of a meeting of the Organization of Petroleum Exporting Countries (OPEC) and other major producers including Russia starting later today. Saudi Arabia and Russia have said a production increase of about 1 million barrels per day or around 1 percent of global supply had become a near-consensus proposal for the group and its allies, but Iran held out against a deal amid the prospect of lower exports due to U.S. sanctions on Tehran.
The pound extended gains triggered by the BOE’s chief economist vote for an immediate rate hike. Italian assets were hit after two prominent critics of the European Union were given key posts in parliament. Friday sees Markit PMIs for the Eurozone, starting off with France at 07:00 GMT, with the Markit Composite PMI expected to come in at 54.2, in line with the previous figure. The important measures for the day will be German and EU-wide PMIs, with the German Markit Composite PMI at 07:30 GMT (forecast 53.4, previous 53.4), while the EU’s PMI Composite will drop at 08:00 GMT, expected to tick downwards slightly, forecast to come in at 53.9 versus the previous reading of 54.1.
Next week will be bringing the next round of Consumer Price Index (CPI) figures for the European Union, and Euro traders will be looking forward to the reading, which last printed at 1.9% in April.