European markets open to close, stocks, data and earnings news

Stocks on the move: Harbor Energy up 7%, Allfunds down 10%

British Oil and Gas Company Harbor Energy Its shares jumped more than 7% in mid-afternoon to lead a broad rally for oil stocks, after Saudi Arabia denied reports of a potential supply hike from OPEC+.

At the bottom of the European blue chip index, British wealth tech company Allfunds Group is down more than 10% after a share sale.

– Eliot Smith

OECD: Europe faces hardest blow from global slowdown

The OECD said on Tuesday that Europe will bear the brunt of a global economic slowdown as energy prices spike and business activity wanes due to Russia’s war in Ukraine.

The 38-member intergovernmental organization said global economic growth will slow from 3.1% this year to 2.2% next year, before accelerating to 2.7% in 2024.

However, growth in the euro zone is set to slow from 3.3% in 2022 to just 0.5% in 2023, before recovering to 1.4% in 2024, as the continent is disproportionately affected by the global energy crisis.

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– Eliot Smith

Investors should look at the real assets to navigate higher inflation, strategist says

Investors should look at the real assets to navigate higher inflation, strategist says

Paul Flood, head of mixed assets at Newton Investment Management, discusses the real assets that investors should consider buying to diversify portfolios for a future of higher and more volatile inflation.

Stocks on the move: BP up 5%, Allfunds down 9%

UK wealth tech company Allfunds Group Its shares fell 9% to the bottom of the Stoxx 600 in early trade.

At the top of the index, Bp Shares added 5% to lead a broad advance for the oil and gas sector.

– Eliot Smith

CNBC Pro: Morgan Stanley’s Wilson says inflation set to slide, but warns of ‘new era’ ahead

Watch CNBC's full interview with Morgan Stanley's Mike Wilson

Morgan Stanley’s Chief US

But he said there are two areas that are exceptions, where inflation could be “stickier.”

CNBC Pro subscribers can read more here.

– Show tone

Oil prices fall as China faces Covid concerns, Goldman Sachs cuts forecast

Oil prices fell by nearly a dollar as Covid concerns in China rose with the nation seeing the first virus-related deaths recorded since May this year.

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Burn crude futures shed less than a dollar, or 0.9%, to stand at $86.83 a barrel and West Texas Intermediate Futures dropped 1.09% to $79.21 per barrel.

Goldman Sachs cut its forecast for Brent oil by $10 to $100 a barrel for the fourth quarter of 2022, citing dented China demand with rising Covid concerns and insufficient details of the latest Group of ​​7 nations’ price cap on Russian oil.

“We believe that the market has a right to be worried about forward fundamentals,” economists including Jeffrey Currie said in the note, adding the potential of further lockdowns in China is equivalent to the last production cut by OPEC +.

– Lee Ying Shan

CNBC Pro: Amazon’s down 40% this year — is it time to buy? Market pros give their names

Once a Wall Street darling, Amazon Has lost some of its luster this year. The e-commerce giant’s stock fell by more than 40%, well underperforming the S&P 500That has declined about 15% in the same period.

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Is it time for investors to pile back? Two market pros faced off on CNBC’s “Street Signs Asia” on Thursday to make a case for and against buying the stock.

CNBC Pro subscribers can read more here.

– Xavier Ong

European markets: Here are the opening calls

European markets are heading to a higher open Tuesday, as investors in the region appear to ease concerns among their U.S. counterparts. it. and Asia-Pacific counterparts over China’s tightening of Covid restrictions, which continue to pressure production.

The UK’s FTSE index is expected to open 27 points higher at 7,407, Germany’s DAX up 33 points at 14,419, France’s CAC up 20 points at 6,653 and Italy’s FTSE MIB up 70 points at 24,433, according to data from IG.

Data releases include preliminary consumer confidence data for the euro zone in November.

– Holly Elliott

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