Hopes of an OPEC deal fade, global markets are mostly lower, and inflation in the euro zone reaches its highest level in two years. Here are three things to know in the market today, October 31.
1. Hopes of an OPEC Deal Dwindle
Hopes of a deal between OPEC producers to limit production dampened on Monday after a weekend of meetings proved to be unfruitful. The failure to reach an agreement weighed on oil prices.
OPEC members on Friday failed to come to an agreement on how to put limits on production. Iran, a top oil producer, objected to an agreement. Non-OPEC members gave no comment on the meetings, and indicated that the group should solve its differences before non-member countries join the agreement.
Brent oil was down 8 cents to $50.60 a barrel. U.S. crude slipped 11 cents to $48.59 a barrel.
2. Global Markets Are Most Lower
Global markets are mostly lower, as investors digest news that the FBI is launching a new review of U.S. Democratic presidential nominee Hillary Clinton’s emails related to her private server.
The news, which comes just one week before election day, may hurt the Democratic nominee’s chances of winning the presidency.
U.K. and European stocks were lower in mid-morning trade. Lower oil prices weighed on energy shares. Increasing uncertainty over the U.S. elections further weighed on markets.
Asian shares closed the day mostly lower, as weak data out of Japan and lower oil prices weighed on shares.
3. Inflation in the Euro Zone Reaches Highest Level in Two Years
Euro zone inflation climbed to a two-year high in October, indicating that the ECB’s monetary policy is slowly mitigating the threat of deflation.
The consumer price index was up by 0.5% this month, up 0.1% from September’s 0.4% increase.
The region’s economy grew by 0.3% in the third quarter, unchanged from the previous quarter and in line with expectations.
