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European stock markets close mixed after OPEC cut

The main European stock markets have closed with a mixed sign in a day whose main incentive has been crude oil rally Brent, a benchmark in Europe, after the OPEC+ alliance confirmed a production cut of 1.66 million barrels per day (mbd) starting in May.

Milan has risen 0.24%; Paris 0.32% and London 0.54%; while Frankfurt has fallen 0.31% and Madrid 0.81%.

The Euro Stoxx 50 Index, which includes the companies with the largest capitalization on the continent, has yielded 0.09%.

The European session started with opposite trends: Madrid distanced itself from the rest of the continent and started with falls, which were finally joined by Frankfurt, while the rest managed to close in positive territory due to the bullish opening of the main Wall Street indicator, the Dow Jones. , which rose 0.6% at the European close.

Brent crude rose 6% at the close of the Old Continent session, to US$ 84.59 a barrel, and returned to levels of early March, just before the failure of Silicon Valley Bank (SVB) that caused considerable falls in the bags.

The XTB experts point out that the OPEC movement occurs “due to the fear of suffering a lower demand worldwide in the coming months, which discounts new rate hikes due to the fear of suffering a greater inflationary risk.

”In this context, the euro appreciated 0.43% against the “green ticket”, at $1.0886, and the troy ounce of gold rose 1.05%, at US$1,990.

This Monday the final manufacturing PMI indices for March for the euro area and its main countries were released, confirming the advanced data with minimal variations and showing little improvement in activity, although they remain in contractionary terrain.

The two largest economies, France and Germany, perform worse than Greece, Spain and Italy.

For its part, the manufacturing sector in the United States has chained five months in contractive terrain and has worsened more than expected in March, according to the ISM index, which could be a preview of what is to come in the markets, they point out from XTB .

The interest on long-term German debt, a benchmark in the euro area, closed at 2.247% after subtracting almost four basis points.

Bitcoin, the most valuable cryptocurrency, barely changed its price and remains at around US$ 28,000.

Source: Elcomercio

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