European stocks steadied and the energy sector rose, supporting the OPEC+ decision

Just – European stocks settled today, Monday, and losses in technology stocks were offset by gains in stocks related to basic resources, while the focus remained on the US presidential elections..

The STOXX 600 index of European stocks settled at 510.89 points, with energy stocks rising 0.6%, and the sector was among the biggest winners after the decision of OPEC + plans to increase production, which pushed oil prices higher, according to Reuters.

The basic resources sector also rose 0.3% as base metal prices rose following a weaker dollar.

Technology stocks fell 0.7%, with ST Microelectronics, Europe’s biggest chipmaker by revenue, falling 1.6% after Morgan Stanley downgraded the stock to “underweight” from “underweight” – same.”“.

All eyes are now on the US elections scheduled for November 5, where polls are so close that it is impossible to predict a clear winner between Republican candidate Donald Trump and Democrat Kamala Harris..

“Trump’s influence is likely to further lead to a very weak performance of the European market compared to the US market,” said Sebastiano Chiodino, head of liability-based investments at Generali Asset Management.“.

Trump’s policies on immigration, taxes and tariffs are seen as inflationary, which could lead to higher interest rates in the US..

The benchmark European index is up about 7% so far this year compared with more than 20% in the index S&P 500.

Another big event this week was the US Federal Reserve’s decision on interest rates on Thursday, and markets are almost certain that the Fed will choose to cut rates by 25 basis points..

The Bank of England is also expected to reduce policy by 25 basis points this week, and interest rate decisions are also expected in Norway and Sweden..

Meanwhile, new data showed that the euro zone manufacturing sector showed signs of stability in October, as activity declined for the twenty-eighth month, but at a slower pace..