Market Drivers – European Session 4-1-2022

The UK manufacturing sector activity expanded more than expected in December, the final report from IHS Markit confirmed on Tuesday. The seasonally adjusted IHS Markit/CIPS UK Manufacturing Purchasing Managers’ Index (PMI) was revised higher from 57.6 to 57.9 in December, beating expectations of 57.6.

According to IHS Markit, Canadian Manufacturing PMI fell slightly to 56.5 in December from 57.2 in November. That was less than the expected decline to 57.5.

Four sources in OPEC + told Reuters that the group agreed on Tuesday to stick to the current policy and to increase oil production by 400,000 barrels per day in February.

The Organization of the Petroleum Exporting Countries and its allies agreed to revive more of the suspended production as the prospects for global oil markets improve, amid expectations that demand will be able to withstand the repercussions of the new Coronavirus variable.

Delegates said the 23-nation coalition led by Saudi Arabia and Russia agreed to increase 400,000 barrels per day as of February.