European stocks rose and U.S. Treasuries traded little changed ahead of comments from Federal Reserve Chairman Jerome Powell that could provide a clue on how interest rates will evolve.

The Stoxx 600 index was up 0.4 percent, while Nasdaq futures were down. U.S. Treasuries were unchanged and the dollar declined against most of its developed-country peers. Crude oil prices fell even after the OPEC+ group of oil-producing nations agreed to cut supplies, a sign that traders are skeptical it will be done.

Investors are pondering whether November’s gains across all asset classes can continue. Some believe optimistic market bets on the timing of next year’s interest rate cuts read too much into recent comments by Fed speakers. Powell is scheduled to speak at Spelman College in Atlanta on Friday, and euro zone manufacturing data could bolster the case for the European Central Bank to lower borrowing costs.

On Thursday, U.S. statistics showed a key gauge of inflation fell in October, reiterating the need for the Fed to stop tightening policy and reinforcing the thesis that lifted markets around the world last month.

The S&P 500 Index posted one of its strongest November performances on record, while the MSCI All Country World Index posted its third-best monthly gain in a decade. The Bloomberg Dollar Spot index fell the most in a year, and U.S. Treasury yields fell about 60 basis points for the month.

February Brent crude traded below $81 a barrel after an OPEC+ meeting that promised about 900,000 barrels a day of new production cuts from January, but details were hazy. Gold posted its third weekly gain.

In Asia, the MSCI Asia Pacific stock index was down 0.5 percent. Chinese stocks trimmed losses after a report that an unidentified government agency is buying exchange-traded funds in what may be a last-ditch effort to support markets.