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European stocks are higher; Covid restrictions noticed

European stock markets rallied on Wednesday, recovering from sharp declines in the previous session, as investors awaited a round of big US data and the presentation of a new union agreement by the European Union. German government.

At 3:30 a.m. ET (0830 GMT), the DAX in Germany was trading 0.1% higher, the CAC 40 in France was up 0.5% and the UK's FTSE 100 was also up 0.5%.

The three German parties that form the new government will hold a press conference at 9 a.m. ET (1400 GMT) to present their coalition agreement, which will outline policy goals and the division of energy. power between the centre-left, liberal-market Social Democrats, the Liberal Democrats and the Greens.

Before that, the Ifo institute of Germany will release its monthly climate business survey and hopes for this have increased after purchasing managers indexes surged for November and better-than-expected results from { {ecl-518 || French business survey}}.

On Tuesday, the composite PMI for the eurozone's largest economy rose to 52.8, from 52.0 in October, suggesting that the slowdown in economic growth The private sector in the last three months is stagnating

The key variable is whether the economic momentum can be maintained as the latest wave of Covid-19 breaks out, once again the number one cause of death in the region. The World Health Organization says the total number of Covid-19 deaths across Europe will exceed two million by March next year.

Germany is expected to make a decision on more stringent measures on Wednesday after hitting a new high for new infections on Tuesday. For the first time since August, France recorded more than 30,000 new infections daily on Tuesday since August, while the Netherlands also hit a new weekly record.

Market participants will also be scrutinizing the minutes of the US Federal Reserve's policy committee's November meeting at the end of the session for signs that a gradual pace of decline may be possible. rising rapidly, potentially giving a timetable for rate hikes.

In the corporate sector, shares of Mulberry (LON:MUL) rose more than 15% after the British luxury brand said business was returning to pre-pandemic levels, reporting a 34% increase in first half revenue. thanks to sales in the UK and growth in Asia.

Shares of Britvic (LON:BVIC) rose 3.1% after the beverage maker reported soaring annual profit as pandemic restrictions eased, prompting it to raise its dividend despite spending pressures fee.

Crude oil prices edged higher on Wednesday after Tuesday's announcement of a coordinated release of oil from government reserves, led by the United States, falling short of expectations, casting doubt on the effectiveness of the oil market. this move.

The US has said it will release 50 million barrels, working with China, Japan, India, South Korea and the UK in a bid to lower prices, but influential investment bank Goldman Sachs (NYSE:GS) estimates calculates that the market has already priced in more than 100 million barrels.

Meanwhile, crude inventories in the United States rose last week, according to industry agency API, with inventories rising by 2.3 million barrels compared with expectations for a drop of about 500,000 barrels.

By 3:30 a.m. ET, US crude oil futures were up 0.5% at $78.86 a barrel, after rising 2.3% on Tuesday, its biggest gain in two weeks, while the contract Brent rose 0.4% to $82.66, having gained 3.3% on Tuesday.

Additionally, gold futures rose 0.5% to $1,792.90 an ounce, while EUR/USD fell to 1.1242.

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