19.11. European stocks to open higher; oil rises despite possible reserve release

News for today, November 19:

European stock markets are expected to open higher on Friday as positive data from Asia and the U.S. smooth fears of a new winter Covid-19 wave. German and eurozone markets reacted to the shocking October producer price inflation, which rose another 3.8% MoM, bringing the annual producer price inflation rate in Europe's largest economy to 18.4%. In response, the euro fell to $ 1.1355. French data also showed that unemployment rose more sharply than expected in October, reaching 8.1% of the workforce.

Oil prices rose on Friday after sharp fluctuations the day before. This is due to traders’ bet that the potential coordinated release of the official oil reserves by large countries will have less impact on the markets than expected. The U.S. dollar traded higher on Friday, especially against the euro, while traders watch the relative speed at which major central banks are going to respond to rising inflation by raising interest rates.

The price of Brent crude is $ 81.97 per barrel, WTI — $ 79.79. EUR/USD is at 1.1332, GBP/USD — 1.3481, gold is at $ 1,854.57 per ounce.­­­­