European Stock Markets Mixed on Close After OPEC Deal - TheStreet

European stock markets were mixed on Thursday as the German Dax fell, while its continental and U.K counterparts were all higher by the close.

The commodity-heavy FTSE 100 led the pack higher, rising by 1.02% to 6,919.42, after a long-awaited OPEC output agreement boosted oil and gas firms.

Royal Dutch Shell (RDS.A) stock rose by more than 6% and BP (BP) - Get Report stock was up by 4% at the close after OPEC nations reached a deal-in-principle to cut production by up to 800,000 barrels per day, easing concerns over growing supply on world markets.

Mining stocks were also broadly higher, with Anglo American (NGLOY) and BHP Billiton (BHP) - Get Report both up by more than 5%, while Rio Tinto (RIO) - Get Report rose by more than 3%. The sector has been boosted in recent days by concerns over supply of key commodities such as nickel and copper. West Texas intermediate was recently up 1.76% at $47.88 after trading lower earlier in the European business day.

In the Philippines, the government ordered the closure of more than 20 nickel mines last week for environmental reasons, which is expected to have a meaningful impact on global supply. Nickel prices rose by 10% during the first half of the week before pulling back slightly on Thursday.

Bank of England data showed the number of mortgages approved by U.K. banks falling during August, although the 60,000 number was broadly in line with expectations.

Net lending figures showed the value of loans extended to consumers during August rising by more than was expected, to £1.57 billion ($1.9 billion).

In Germany the Dax fell by 0.31% to 10,405.54, after the benchmark was weighed down by losses at Commerzbank (CRZBY) and Deutsche Lufthansa (DLAKY) .

Commerzbank stock fell after it announced plans to suspend its dividend, despite also announcing plans to lay off more than 10% of its workforce, as it seeks to address ongoing profitability pressures.

Deutsche Lufthansa stock fell by close to 3% as shareholders gave a thumbs-down to new plans from management to invest heavily in order to turn one of its divisions into Europe's third low cost airliner.

German consumer price data showed inflation picking up during September, with the EU-harmonized rate of price growth rising to 0.5% year-on-year, which was in line with expectations. On a month-on-month basis prices stagnated after falling by -0.1% in August.

In Spain, oil and gas giant Repsol (REPYF) topped the leader board on the Ibex, helping push the benchmark up by 0.64% to 8,796.30.

Spanish economy watchers also gained further grounds for optimism after preliminary numbers put inflation at 0.3% during September, up from 0.1% in August.

In France the Cac 40 rose 0.26% to 4,443.84, after being boosted by oil and gas companies, which benefited from Wednesday's OPEC agreement. Oil and gas services firm Technip (TKPPY) saw its stock rise by 7.5% by the close while Total (TOT) - Get Report was up by more than 4%.