Original title: [European Express] OPEC + to renegotiate crude oil production French Health Minister warns of a new epidemic

Source: FX168

European stock markets were mixed on Monday, while the market kept a close eye on oil prices ahead of a meeting of the OPEC + oil production alliance.

As of this release (18:10 Beijing time), the UK's FTSE 100th index, France's CAC index and Germany's DAX index rose or fell by + 0.24%,-0.01% and-0.22%, respectively.

The pan-European Stoxx 600 index largely hovered near the flat line in early trading, with basic resources stocks up 1.5 per cent and health care stocks down 0.5 per cent.

The lacklustre performance of European stocks echoed that of the Asia-Pacific region, while Brent crude futures hovered above $76 ahead of another meeting between OPEC and its allies. OPEC and its allies, known as OPEC +, appeared to have decided on Friday to increase production by about 2 million barrels a day between August and December 2021 and to extend production cuts until the end of 2022. However, talks broke down at the last minute when the United Arab Emirates refused to agree, and OPEC + will start a new round of talks on Monday.

The eurozone purchasing managers' index in June showed that business expanded at its fastest pace in 15 years as outbreak restrictions were lifted across the continent, with IHS Markit's composite PMI at 59.5, up from 57.1 in May.

French Health Minister Olivier Veran warned at the weekend that a new wave of COVID-19 infection could hit France by the end of July because of the rapid spread of delta variants. However, there are growing signs that Britain, opposite France, will lift the remaining epidemic restrictions on July 19 as planned.

In terms of individual stocks, Morrisons, the British supermarket chain, surged more than 11 per cent in early trading after a third private equity group joined the race to buy the company.