European stocks look set to book modest gains Thursday in a quiet trading session that focused on oil and currency markets amid Thanksgiving celebrations in the United States.
The broadest measure of European shares, the Stoxx 600 index, added around 0.16% on the session, helping lift regional benchmarks into the green by the end on of the trading day. London's FTSE 100 recorded a small 0.1% gain while Frankfurt's DAX index added 0.16% and France's CAC-40 rose 0.1%.
The ongoing rise of the U.S. dollar overshadowed both foreign exchange and financial markets around the world Thursday, even with markets in America closed for the traditional Thanksgiving observance. The dollar was little-changed on the session, but still managed to flirt with 14-year highs and traded at 101.64 against a basket of six global currencies as the session drew to a close.
Oil markets largely shrugged off the currency's strength as traders extended bets on a production cut at next week's OPEC meeting in Vienna. Such an agreement, if agreed, would be the first since 2008 and likely trim oil output by 1.6%.
Brent crude prices, the global benchmark, for delivery in January rose 0.1% to $49.91 per barrel while WTI futures for the same month on Nymex added 0.18% to change hands at $48.15.
Bond markets in Europe saw thin volumes throughout the session, but still managed to move on various headline developments in the region, including a slight drop in business expectations in Germany and a caution from the European Central Bank over "significant" vulnerabilities to the region's financial stability owing to global political uncertainty.