Market overview: FTSE finishes lower after OPEC keeps output target unchanged

1630 (Close): The FTSE ended down 5.75 points to 6723.42 after OPEC decided to keep its output target unchanged at 30m barrels per day, surprising analysts which had expected at least some token action to be decided upon to slow the slide in crude prices.

1625: Brent futures are down over 6% at $73.02 a barrel after OPEC held its production target, while WTI crude has fallen 5.7% to $69.46/bbl, its first time below $70 since June 2010.

1500: The Organisation of Petroleum Exporting Countries (OPEC) decided on Thursday to maintain its current “official” output target unchanged, at 30m barrels per day, surprising analysts which had expected at least some token action to be decided upon to slow the slide in crude prices.

1444: Medical device maker Smith & Nephew has seen shares rise after its CEO Olivier Bohuon told employees at a meeting that he has no intention of leaving the firm. He was responding to rumours that he is set to take over as boss of French pharmaceutical group Sanofi. S&N is trading up 2.7%.

1300: The annual rate of German harmonised CPI inflation slowed to 0.5% in November, down from 0.7% in October. This was a new five-year low but in line with expectations.

1035: The latest consumer price (CPI) figures released by the main German states point to the nation-wide harmonised CPI coming in at a 0.4% year-on-year rate of change, down from 0.7% in the month before and versus forecasts for a rise of 0.5%, Capital Economics points out. The data is scheduled for release at 13:00.

1035: Front month Brent crude futures are now retreating 2.6% to $75.75 per barrel, but it remains to be seen if it's not just traders adjusting their positions or holding back ahead of OPEC's announcement, which can be expected to hit the newswires from about noon onwards. FTSE 100 up 6 to 6,736.

1034: Jefferies has lowered its price target on shares of Royal Mail to 360p from 400p. Barclays on the other hand is rising after Goldman Sachs upped its view on the shares of the lender to 'buy' from 'neutral'.

1000: The European Commission's consumer confidence index for the month of November has come in at -11.6 for November, the same as last month, which is in-line with expectations.

0950: Greek 10-year bond yields climbed 17 basis points to 8.40%, following failed talks between the Greek government and the Troika of lenders from the European Commission, the European Central Bank and the International Monetary Fund. The Paris meeting saw the two sides unable to reconcile differences about the reforms Athens will have to implement for the final review of the country's €240bn bail-out program, with haggling over a projected budget shortfall next year. A Greek official cited by Reuters said there had been no discussion of extending the bailout beyond the end of the year, but added that no date had been set for the return of EU/IMF inspectors to Athens.

0942: A number of stocks have gone ex-dividend today, including Amec Foster Wheelr, Dunelm, Johnson Matthey, Royal Mail, SABMiller, Vedanta Resources, Lancashire Holdings, Wolseley and JD Wetherspoon.

0911: German unemployment dropped by 14,000 persons in November, versus forecasts for 1,000 less.

0910: UK stocks began the session ever so slightly in the blue but have since dipped into the red, led by falls in the shares of oil-related companies, such as Tullow Oil, Petrofac or BG Group. Miners on the opposite hand are doing best at the moment. Some market chatter is to be heard regarding the comparatively better outlook for metals' prices going forward as opposed to crude. Acting as a backdrop, markets are awaiting the result of OPEC's summit in Vienna. The prevailing view seems to be that the cartel will hold to its current "official" output quota, of 30m barrels per day in output, while at the same time calling for stricter adherence to the same. At the same time, it may threaten deeper cuts to actual production, should they be necessary. The question remains however over whether the threat will be credible enough for markets. Front month Brent crude futures are down 2.5% to $75.84. FTSE 100 down 9 to 6,720.