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Stock prices go up, oil prices go down

Share prices on world stock exchanges rose on Wednesday, but the value of the US dollar fell after the release of the minutes of the US Federal Reserve System (FRS) meeting, indicating a more moderate approach in the fight against inflation. Oil prices fell on concerns over demand for crude oil.

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Wall Street stocks continued to rally after most FRS policymakers said a slower rate hike “would soon be appropriate,” according to the minutes of this month’s FRS meeting.

US financial markets will be closed on Thursday, as the country will have a holiday – Thanksgiving Day.

European equity indices rose after a surprise pick up in private sector activity in the eurozone in November.

The “Purchasing Managers’ Index” (PMI), which characterizes the productive activity and services of the private sector, unexpectedly rose to 47.8 points in November, compared to 47.3 points in October. However, despite this increase, the index remains below 50 points for the fifth consecutive month, indicating a slowdown in activity.

Oil prices fell more than 3% on fears that tighter Covid-19 restrictions in China could reduce energy demand in the country.

Analysts have admitted it G7 countries’ efforts to set a price ceiling for Russian oil have not had a significant impact on oil prices.

The Dow Jones Industrial Average rose 0.3% to 34,194.06 points on Wednesday, the Standard & Poor’s 500 index rose 0.6% to 4,027.26 points, while the “Nasdaq Composite” increased 1.0% to 11,285.32 points.

London’s FTSE 100 rose 0.2% to 7,465.24 on Wednesday, Frankfurt’s DAX 30 index rose less than 0.1% to 14,427.59 points, while the CAC 40 index of the Paris Stock Exchange gained 0.3% to 6,679.09 points.

WTI crude oil fell 3.6% to $77.94 a barrel in electronic trading on the New York Stock Exchange on Wednesday. The price of “Brent” crude on the London Stock Exchange fell by 3.3% to 85.41 dollars a barrel.

The euro rose against the US dollar on Wednesday from $1.0304 to $1.0401 per euro, the British pound against the US dollar rose from $1.1886 to $1.2064 per pound and the US dollar against the Japanese yen fell from 141.23 to 139.52 yen per dollar. The euro fell against the British pound from 86.69 to 86.18 pence to the euro.

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