-Investors waiting on tonight's EU summit
-Spain auctioned 3.88bn euros in medium and long-term debt

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Stoxx 600: 0.44%

The main European equity benchmarks were registering moderate rises ahead of the start of the European Union summit in Brussels, in the evening, where leaders were expected to haggle over the next long-term budget (2014-2020) to the last pence.

Acting as a backdrop, and as is often the case, the fact that US markets are closed in observance of the Thanksgiving Day holiday led to a reduction in European trading volumes.

Simply put, investors are bracing for what in the past has sometimes turned into a tortuous and long drawn-out affair, as national interests come to the fore. More so given the austerity prevalent across the globe at the moment.

Never the less, hopes rose as EU President Van Rompuy's latest proposal for a small reduction in the trillion euro budget appeared to be gathering support, including from the UK, according to some published reports.

The Spanish Treasury has this morning auctioned 3.88bn euros in medium and long-term debt, ahead of the 3.5bn euros it was aiming for. As well, the Treasury has confirmed that it has conducted a private placement of 3.28bn euros in 5 year debt.

Out on the corporate front, Renault plans to create 1,300 jobs in Spain under a scheme after reaching a deal with unions in that country.

There were also reports that Santander may be studying an initial public offering of its US auto insurance unit.

From a sector stand-point the best performers on the DJ Stoxx were to be seen in the following groups: Basic resources (1.04%), Technology (0.90%) and Retail (0.95%).

Weaker than forecast economic data

The Eurozone service sector purchasing managers' index for the month of November compiled by Markit has come in at 45.7, versus 46 for the previous month (Consensus: 46).

The Eurozone manufacturing sector purchasing managers' index for the month of November has come in at 45.8, versus 45.7 for the previous month (Consensus: 45.8).

Italy's non-EU trade balance improved to €1.47bn in October, after -€657m in the previous month.

Dutch consumer spending remained flat in September in year-on-year terms, versus a 2% drop in the month before.

Euro nudges up a bit further


The euro/dollar is now gaining 0.46% to the 1.2886 dollar mark.

Front month Brent crude futures are falling by 0.326 dollars to the 110.52 dollar level on the ICE.

AB

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