European markets close mixed after OPEC deal

Markets 12/7/2018, 5:45 PM
European markets close mixed after OPEC deal

European markets closed mixed on Friday after the Organization of Petroleum Exporting Countries (OPEC) announced it reached a preliminary deal with Russia and allied producers to cut oil production by 1.2 million barrels per day following a two-day meeting in Vienna.

Investor still focused on the ongoing trade conflict between the United States and China which escalated earlier following the arrest of chief financial officer Meng Wanzhou of Huawei. Meanwhile, CDU General Secretary Annegret Kramp-Karrenbauer was elected as the new party leader.

The DAX closed 0.21% in the red as Fresenius plunged 17.71% after the company slashed it medium term guidance. The CAC 40 gained 0.68% as Bouygues, Vinci and Accor rose 3.84, 2.40 and 1.78%, respectively. The FTSE 100 closed 1.30% in the green with Tesco leading the gain with 4.15% as former executives were cleared on fraud allegations.

The euro traded gained 0.09% against the dollar, to go for 1.1392 at 5:59 pm CET.

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