By Sara Sjolin and Carla Mozee, MarketWatch German bond yield hits fresh all-time low

LONDON (MarketWatch) -- A raft of economic data out on Thursday offered much-needed good news for Europe, helping send regional stock indexes higher almost across the board.

But shares in oil majors slumped after the members of the Organization of the Petroleum Exporting Countries agreed not to cut the group's existing production target.

Economic data: Germany's unemployment rate unexpectedly fall to a record post-unification low of 6.6% in November, while the number of jobless people fell by 14,000. The figures confirm that the German labor market has been able to weather the latest bout of sluggishness, in which the country's manufacturing sector was especially hard hit by global geopolitical concerns and by sanctions on Russia.

In Spain, data showed the economic recovery continued in the third quarter as gross domestic product for the period rose 0.5% quarter-on-quarter and 1.6% on the year. Both readings were in line with flash estimates. And in Italy, manufacturing business confidence rose for a second month in a row, boosted by better order expectations from manufacturers of consumer and industrial goods.

However, consumer-price numbers revealed that Spain slipped further into deflation in November, with prices falling for a fifth straight month. Belgian consumer prices in November also fell further, down by 0.11%. Data released during midafternoon trade showed German inflation in November slowed to 0.5%, matching an estimate from HSBC.

European Central Bank President Mario Draghi, at a speech before the Finnish Parliament in Helsinki, reiterated that policy makers are committed to enacting additional measures "within its mandate" to address the risks of persistently low inflation levels.

He noted eurozone inflation in October stood at a low rate of 0.4%, and considering the recent slide in oil prices, "and taking into account prevailing futures prices for energy, inflation is expected to remain at around current low levels over the coming months, before increasing gradually during 2015 and 2016."

On Friday, investors will watch for eurozone-wide inflation data that are expected to show consumer prices grew by 0.3% this month.

Market reaction: The Stoxx Europe 600 index added 0.4% to close at 347.49, although it briefly pared gains after OPEC's decision to keep oil production unchanged at 30 million barrels a day.

Germany's DAX 30 index rose 0.6% to 9,974.87, setting it on track for a 7% gain for November. Such a monthly rally would be the biggest since January 2012. After the in-line German-inflation print, the euro (EURUSD) bought $1.2476, compared with Wednesday's level of around $1.2514.

The U.K.'s FTSE 100 index slipped 0.1% to 6,723.42, weighed by oil majors.

France's CAC 40 index gained 0.2% to 4,382.34. The index didn't open at the usual time Thursday due to a technical problem. Read: Four European stock indexes resume trading after glitch

Meanwhile, Greek stocks fell, with the Athex Composite down 2.6% at 950.95. Greece's international creditors are considering a six-month extension of Greece's bailout program after negotiations with the country's officials here failed to reach an agreement.

Bonds: German government bonds rallied, sending the yield on the 10-year bond to just 0.699%, below the previous all-time low of 0.719% hit in October, according to Tradeweb. The 10-year French government bond slumped too, falling below 1% for the first time ever, while the 10-year U.K. Gilt was also lower, at around 1.92%.

Oil stock blues: The OPEC meeting pulled on oil futures and oil providers alike. Crude for January (CLF5) tanked $4.26, or 5.6%, to $69.43 a barrel. BP PLC (BP) lost 2.7%, Royal Dutch Shell PLC (RDSB) dropped 4.3%, Total SA slid 4.1% and Petrofac Ltd. gave up 6.2%.

You're invited: A free evening event focusing on investing opportunities in Europe

Will you be in London on Dec. 3? Then you're invited to our MarketWatch Investing Insights event, "The worse Europe gets, the more you should invest."

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This event is free, but RSVPs are required. It will be held Wednesday evening, Dec. 3, in London. For more information or to RSVP, send an email to marketwatchevent@wsj.com.

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