Prices in the eurozone creeped up again in November, according to the latest inflation figures released Friday morning. Consumer price inflation, came in at 0.6% year-on-year in November, matching the earlier flash estimate provided. Representing a 0.1 percentage point increase from October, when inflation read 0.5%.
Inflation now sits at a level not seen for more than two years, the Highest level since April 2014. With The largest upward impacts to euro area annual inflation came from restaurants & cafés rents and tobacco.
Oil prices rose again on Friday, pushing closer to new 17-month highs as producers showed signs of adhering to a global deal to reduce output. The Organization of the Petroleum Exporting Countries has agreed to reduce output by 1.2 million barrels per day from Jan. 1, its first such deal since 2008.
Russia and other non-OPEC producers plan to cut about half as much. Those deals, clinched over the past two weeks, have boosted expectations in the market that a two-year supply overhang will clear soon and prices remain near highs last seen in July 2015. Russia said on Friday that all of the country’s oil companies, had agreed to reduce output. Other oil producers, including Kuwait and Saudi Arabia, have notified customers that they will cut from January.
09:00 – EUR – Germany IFO Business expectations expected to remaiun unchanged at 105.5
Report courtesy of RationalFX