Brent crude futures are bouncing after the monthly oil market report from OPEC
It was another down day for Asian stocks, with traders on edge ahead of the monthly oil report from the
Organization of the Petroleum Exporting Countries (OPEC) and next week's U.S. Fed meeting. Stocks in Shanghai and Tokyo slipped, even as the yuan and yen backpedaled, though South Korea's Kospi managed to tack on 0.2% after the Bank of Korea stood pat on interest rates. By the close, Japan's Nikkei gave up 1.3%, while China's Shanghai Composite and Hong Kong's Hang Seng each lost 0.5%.
European markets are mixed at midday. January-dated Brent crude futures have gained nearly 1% in the wake of the OPEC report -- which showed higher production from Iraq last month, though the cartel also slashed its 2016 forecast for non-OPEC output by 250,000 barrels per day. Meanwhile, the Bank of England opted to keep its benchmark rate unchanged at 0.5%, sending the pound lower. At last check, the German DAX has gained 0.2%, the French CAC 40 is off 0.1%, and London's FTSE 100 is 0.4% lower.
