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Nov. 30, 2016, 12:06 p.m. EST

European stocks end higher as energy sector soars on OPEC deal

Stoxx Europe 600 scores 0.9% gain for November

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By Carla Mozee and Victor Reklaitis, MarketWatch


Reuters
Saudi Arabia Energy Minister Khalid al-Falih at the OPEC meeting on Wednesday.

European energy stocks led gains in the region’s equity market Wednesday, as oil prices surged after OPEC delegates reached a deal to cut production.

The Stoxx Europe 600‘s /zigman2/quotes/210599654/delayed XX:SXXP -2.35%  rose 0.3% to end at 341.99, building on Tuesday’s advance of 0.3%. The pan-European benchmark achieved a monthly rise of 0.9%, marking its first advance after two monthly losses.

Oil soars: The Stoxx Europe 600 Oil & Gas Index /zigman2/quotes/210599627/delayed XX:SXEP -2.65%  leapt 3.4% Wednesday as Brent crude oil and West Texas Intermediate oil /zigman2/quotes/209723641/delayed CLF27 +0.77%  each rallied about 8%. Those jumps came as representatives of the Organization of the Petroleum Exporting Countries agreed to cut production by 1.2 million barrels a day from the current 33.6 million barrels. The much-anticipated decision aimed at addressing a global oil glut came at their meeting on Wednesday in Vienna, Austria.

Read more: MarketWatch’s OPEC live blog

Shares of Spanish oil producer Repsol SA /zigman2/quotes/202941606/delayed ES:REP -1.36%  rose 4.3%, Tullow Oil PLC /zigman2/quotes/205079109/delayed UK:TLW -3.07%  sprang up 13%, and Portugal’s Galp Energia SGPS /zigman2/quotes/206136034/delayed PT:GALP -1.71%  bounced up 4.5%.

Among oilfield equipment and services companies, Italy’s Saipem SpA /zigman2/quotes/203593562/delayed IT:SPM -1.71%  climbed 9.6%, Norway’s Subsea 7 SA /zigman2/quotes/202505552/delayed NO:SUBC -2.50%  picked up 4.4%, and Petrofac Ltd. /zigman2/quotes/202340229/delayed UK:PFC -1.60%   rose 3.2%.

Other movers: Royal Bank of Scotland Group shares   closed down 1.4% as the lender failed a tougher stress test of systemic U.K. banks, the Bank of England said Wednesday. RBS must raise around £2 billion ($2.5 billion) in capital.

Also see: Italy’s vote lies in wait for European banks

Linde AG’s stock /zigman2/quotes/203890251/delayed DE:LIN -1.91% was pushed 4.7% higher as U.S. competitor Praxair Inc. moved to resume merger talks with Linde that could lead to the creation of a $60 billion industrial-gas giant, The Wall Street Journal reported.

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National indexes: Germany’s DAX 30 /zigman2/quotes/210597999/delayed DX:DAX -2.33% rose 0.2% to end at 10,640.30, while France’s CAC 40 /zigman2/quotes/210597958/delayed FR:PX1 -2.19%   was up 0.6% at 4,578.34.

The U.K.’s FTSE 100 /zigman2/quotes/210598409/delayed UK:UKX -2.63%  added 0.2% to 6,783.79.

The euro /zigman2/quotes/210561242/realtime/sampled EURUSD +0.4205%  was buying $1.0580, down from $1.0650 late Tuesday in New York.

Economic data: The eurozone’s annual rate of inflation rose to 0.6% in November, the highest since April 2014, Eurostat said Wednesday. But the rate remained well below the European Central Bank’s target of just under 2%. ECB policy makers will meet on Dec. 8, and investors will watch whether they decide to continue its bond- buying program that’s set to expire in March.

/zigman2/quotes/210599654/delayed
XX : STOXX
434.92
-10.47 -2.35%
Volume: 0.00
May 11, 2021 2:48p
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/zigman2/quotes/210599627/delayed
XX : STOXX
252.62
-6.87 -2.65%
Volume: 0.00
May 11, 2021 2:48p
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/zigman2/quotes/209723641/delayed
US : U.S.: Nymex
$ 53.67
+0.41 +0.77%
Volume: 2.00
May 10, 2021 5:06p
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/zigman2/quotes/202941606/delayed
ES : Spain: Madrid
10.77
-0.15 -1.36%
Volume: 1.85M
May 11, 2021 2:48p
P/E Ratio
N/A
Dividend Yield
4.42%
Market Cap
€16.90 billion
Rev. per Employee
€1.40M
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/zigman2/quotes/205079109/delayed
UK : U.K.: London
53.00 p
-1.68 -3.07%
Volume: 6.39M
May 11, 2021 1:47p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
£779.31 million
Rev. per Employee
£1.94M
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/zigman2/quotes/206136034/delayed
PT : Portugal: Euronext Lisbon
10.06
-0.18 -1.71%
Volume: 859,493
May 11, 2021 1:47p
P/E Ratio
N/A
Dividend Yield
4.97%
Market Cap
€8.48 billion
Rev. per Employee
€1.86M
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/zigman2/quotes/203593562/delayed
IT : Italy: Milan
2.02
-0.04 -1.71%
Volume: 7.07M
May 11, 2021 2:43p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
€2.04 billion
Rev. per Employee
€248,696
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/zigman2/quotes/202505552/delayed
NO : Norway: Oslo
kr 83.36
-2.14 -2.50%
Volume: 329,561
May 11, 2021 2:48p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
kr25.45 billion
Rev. per Employee
N/A
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/zigman2/quotes/202340229/delayed
UK : U.K.: London
135.60 p
-2.20 -1.60%
Volume: 1.25M
May 11, 2021 1:45p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
£462.81 million
Rev. per Employee
N/A
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/zigman2/quotes/203890251/delayed
DE : Germany: Frankfurt
243.90
-4.75 -1.91%
Volume: 510.00
May 11, 2021 2:08p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
N/A
Rev. per Employee
€156,271
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/zigman2/quotes/210597999/delayed
DAX
DX : Xetra Indices
15,041.05
-359.36 -2.33%
Volume: 36,055
May 11, 2021 2:48p
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/zigman2/quotes/210597958/delayed
FR : France: Euronext Paris
6,246.03
-139.96 -2.19%
Volume: 38,876
May 11, 2021 2:48p
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/zigman2/quotes/210598409/delayed
UK : FTSE UK
6,936.06
-187.62 -2.63%
Volume: 376,246
May 11, 2021 1:48p
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/zigman2/quotes/210561242/realtime/sampled
US : Tullett Prebon
1.2181
+0.0051 +0.4205%
Volume: 0.0000
May 11, 2021 9:03a
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Carla Mozée is a reporter for MarketWatch, based in London. Follow her on Twitter @MWMozee. Victor Reklaitis is a London-based markets writer for MarketWatch. Follow him on Twitter @VicRek.

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