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The influential oil group, which reunites the Organization of the Petroleum Exporting Countries and its allies, will hold a virtual meeting on November 30 to decide on an oil production strategy, the OPEC secretariat announced.

The group, known collectively as OPEC+, had been scheduled to meet in person in Vienna on Nov. 25-26, but postponed the meeting following dissatisfaction among member countries and announced a mid-day meeting on Thursday. This weighs on prices.

The iced Brent contract expiring in January was trading at $80.30 a barrel as of 2:10 p.m. London time, down $1.66 a barrel from Wednesday’s settlement. Nymex WTI for January delivery was $75.45 per barrel, down $1.65 from the previous day’s closing price.

— Luxandra Iordake

The British pound rose on Thursday after British business activity unexpectedly returned to growth in November.

preliminary purchasing managers index The services and manufacturing index S&P Global/CIPS said economic activity was at 50.1, above the 50 mark that separates growth from contraction, compared with the 48.7 expected in a Reuters survey of economists. It also exceeds that.

As of 10am in London, the pound was up 0.5% against the US dollar at $1.256. Against the euro, it rose 0.2% to 1.149 euros.

Tim Moore, economics director at S&P Global Market Intelligence, said: “The UK economy has seen an “I got back on my feet again on the moon.”

“The latest survey data only suggests that UK GDP will be broadly flat in the final quarter of 2023, although the easing of the moratorium on interest rate rises and a clear slowdown in key indicators of inflation will support business activity. are doing.”

The move also comes after the UK government made a series of financial announcements, including cuts to personal and business taxes.

The Independent Office for Budget Responsibility on Wednesday slashed its UK growth forecasts and raised its inflation forecast.

— Jenny Reid

Asian stock markets may have been weak this year, but the excess cash held by companies in the region presents a hidden opportunity for investors, Jefferies said.

“When a company hoards cash on its balance sheet, absent excess cash, its P/E valuation appears much more expensive than its true value,” the investment bank’s analysts wrote.

Jefferies said it screened Asian companies with “significant cash equivalent value and strong fundamentals” that made them “strong candidates” for share buybacks and dividends.

CNBC Pro subscribers can read more here.

— Amara Balakrishna

According to Morgan Stanley, parts of artificial intelligence will play an increasingly large role.

According to Morgan Stanley, this trend has benefits such as lower costs and shorter wait times.

We have named six companies that will be the main beneficiaries of this trend and are likely to outperform in 2024 and 2025.

CNBC Pro subscribers can read more here.

— Tan Weizhen

European markets are expected to open mixed on Thursday.

According to IG data, the UK’s FTSE 100 index is expected to open 11 points higher at 7,467, Germany’s DAX is expected to drop 13 points to 15,949, France’s CAC is down 1 point to 7,261 and Italy’s FTSE MIB is expected to drop 9 points to 29,178.

Preliminary release of Eurozone Purchasing Managers Index data for November is scheduled.

— Holly Ellyatt