European Stocks Trade Higher as Commodities, Banks Rally

European equities were trading higher on Wednesday morning as commodities stocks got a fillip from incrementally higher West Texas Intermediate crude oil prices and banks and financial services providers advanced.

In economic news, Germany’s production in industry was 0.3% higher from the previous month in October, according to provisional data from the nation’s federal statistical office, Destatis. Within industry, the production of capital goods increased by 0.5%, the production of consumer goods by 0.1% while the production of intermediate goods showed a decrease of 0.5%.

In the UK, the value paid for houses continued to rise with prices in the three months to November 6.0% higher than in the same three months of 2015 ,while prices in the last three months were 0.8% higher than in the preceding quarter, according to the Halifax House Price Index.

And oil price movements were mixed, with West Texas Intermediate crude oil, the main US oil benchmark, 0.1% higher at $50.95 per barrel at the time of writing while Brent crude, the international variety, was down by 0.04% at $53.94 per barrel. Both prices are well above the levels they were languishing at prior to the Organisation of Petroleum Exporting Countries (OPEC) finalising its first deal in almost a decade to lower oil production last week. Before the OPEC accord, West Texas Intermediate and Brent crude had spent months hovering around the early-to-mid-$40s price per barrel level.

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