OPEC members ended their meeting on Monday without agreeing on a planned reduction in oil output deal. It is worth noting however, that individual countries will be presented to an OPEC ministerial gathering on Nov. 30. Crude oil retreated back below $47 as OPEC members failed to bridge their differences and agree on future production cuts. Indicatively, crude oil was last seen trading at $46.56 while Brent oil prices dropped 1 percent to last trade at $48.69 as of 9:50 GMT.
UBER will head to Europe’s top court today, aiming to convince authorities that the company is a digital service and not a transport company. If the company is successful, the ruling will exempt Uber from strict laws like licensing and safety rules across the continent, all of which has had traditional taxi services and labor unions up in arms. The final ruling for the landmark case is expected by March and which could have huge implications for the app-based company!
European markets opened lower today after a dip in oil prices dip but are now pairing losses. Investors will be focusing on talks between OPEC members while the markets are also turbulent as political uncertainty ahead of a key referendum in Italy has spread uncertainty. It is also worth noting that a number of banking and insurer stocks were down my more than 0.5 percent amid concerns that political instability in Italy might affect the banking system. In today’s European markets most indices begun to somewhat recover from yesterday’s losses with Germany’s DAX trading at 10607.50 up by 0.2 percent, France’s CAC 40 adding an impressive 0.8 percent at 4548.30 and the Euro Stoxx 50 advancing 0.7 percent to last trade at 3035.00 as of 9:55 GMT. U.K.’s FTSE 100 headed lower however to last trade at 6768.30 having lost 0.8 percent for the day!