Global Stock Markets Mostly Weaker; Focus On OPEC Meeting Wednesday

(Kitco News) - World equity markets were mostly weaker overnight. U.S. stock indexes are pointed toward weaker openings when the New York day session begins. Traders and investors worldwide are anxiously awaiting the results of this week's OPEC oil cartel meeting.

Some reckon OPEC may be able to come to a final agreement to cut production, as the cartel reported in September. However, others remain highly doubtful. Reports over the weekend said Iran and Russia now may not be willing to reduce their crude oil production levels. Global stock markets have been extra-sensitive in recent weeks to the daily price movements in crude oil prices. Nymex crude oil futures prices are modestly lower in early U.S. trading Monday.

European stock markets saw selling pressure to start the trading week, partly on worries about a December 4 referendum on constitutional reform in Italy. A "no" vote on constitutional reform by the Italians could negatively impact that country's efforts to adhere to its constricts within the European Union.

The other key "outside market" on Monday sees the U.S. dollar index slightly lower on a corrective pullback from recent strong gains that pushed the index to a 13-year high last week.

Gold prices are seeing decent gains Monday, on short covering in the futures markets and bargain hunting in the cash market following recent selling pressure that had driven prices to nine-month lows.

U.S. economic data due for release Monday includes the Texas manufacturing outlook survey.

Despite some renewed buying pressure, overnight, spot gold on Kitco.com remained below $1,200 an ounce, hitting a session high of $1,198 an ounce and a session low of $1,186.50 an ounce.

By Jim Wyckoff, contributing to Kitco News; jwyckoff@kitco.com
Follow Jim Wyckoff @jimwyckoff for breaking market news.