Daily summary: Global stocks finish week in upbeat mood

European indices finished today's session slightly higher, with DAX 30 gaining 0.4%, CAC40 rose 0.8% and FTSE 100 added 0.1%. Data showed the Eurozone economic sentiment indicator dropped less than expected in November, while French third-quarter GDP figures were revised higher. On the Brexit front, Michel Barnier will travel to London tonight to continue face-to-face trade negotiations this weekend. Investors are still concerned about the restrictions as Germany extended its lockdown until December 20th and France increased rules for the hospitality sector until January 20th. Also only 1% of UK population will be granted light restrictions after the national lockdown ends on December 2nd.

US stocks also posted gains with the Dow Jones rose 0.13% and the S&P 500 gained0.28 % while the tech-heavy Nasdaq hit a record high as traders return from the Thanksgiving holiday for a shortened session. Tesla's market cap stands at about $564 billion and surpassed Berkshire Hathaway and now ranks behind just the tech giants like Apple,  Microsoft,  Amazon,  Alphabet  and Facebook. Tesla's shares rose 3% today ahead of joining the S&P 500 on Tuesday. Elon Musk become the second-richest person in the world, according to Bloomberg. Meanwhile the number of COVID-19 hospitalizations reached 90,481 and remains at record levels for 17 days in a row. US reported over 108k new infections yesterday, the least since November 8, however the Thanksgiving holiday limited testing capability. The numbers are expected to increase in the coming days because of big gatherings amid the holiday weekend and traditional Black Friday shopping. Meanwhile, AstraZeneca’s CEO said the company would run another trial on its coronavirus vaccine candidate amid questions over the drug’s effectiveness.

 

US crude futures are trading 0.5% lower while the international benchmark Brent contract rose over 0.5%. Oil traders will focus on OPEC+ informal online talks which will take place on Saturday ahead of formal meetings scheduled for next week. OPEC+ members will discuss whether to ease oil output cuts starting from January, as it previously agreed, or to continue producing at the same rate. Elsewhere, gold managed to partially erase early losses and is trading 1.3% lower at  1786/oz - lowest since July. Silver fell 4% to around $22.5/oz.