Stock indices closed higher despite a slightly drop in oil prices. Oil prices fell as the meeting between OPEC and non-OPEC countries on Sunday ended without any deal on the freeze of the oil output. Oil producers said that they needed more time to decide on the freeze of the oil production.
Participants of the meeting discussed the freeze of the oil output at January levels, which should help to balance the oil market. Iran did not participate in that meeting.
Next meeting is scheduled to be in June.
Germany’s Bundesbank released its monthly report on Monday. The central bank said that Germany’s economy expanded strongly in the first quarter, driven by domestic demand. Bundesbank added that the economy would likely slow down in the second quarter due to a fall in factory orders and weak business expectations.
According to property tracking website Rightmove, U.K. house prices rose 1.3% in April, after a 1.3% increase in March.
“The onset of spring is traditionally when the housing market swings into full-on action, and while the early Easter this year could be credited with its very active current state, the housing market actually received a much earlier kick-start at the end of November,” Rightmove director and housing market analyst, Miles Shipside, said.
“Chains need a buyer at the bottom to enable everyone to move, and that was boosted by investors looking to avoid the 3% levy introduced on April 1st,” he added.
Indexes on the close:
Name Price Change Change %
FTSE 100 6,353.52 +9.77 +0.15 %
DAX 10,120.31 +68.74 +0.68 %
CAC 40 4,506.84 +11.67 +0.26 %
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