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

OECD: Europe hardest hit by global slowdown

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

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

However, growth in the Eurozone is expected 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. .

-Elliot Smith

Investors should turn to these real assets to weather higher inflation, strategist says

Paul Flood, Head of Mixed Assets at Newton Investment Management, discusses real assets investors should consider buying to diversify their portfolios for a future of higher and more volatile inflation.

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

British wealth technology company Allfunds Group saw its shares fall 9% to the Stoxx 600 low in early trading.

At the top of the index, PB stocks added 5% to lead a large advance for the oil and gas sector.

-Elliot Smith

CNBC Pro: Morgan Stanley’s Wilson says inflation is on the verge of falling, but warns of a ‘new era’ ahead

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

Morgan Stanley’s chief U.S. equity strategist Mike Wilson said he expects a “pretty sharp drop in inflation” and predicts when that might happen.

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

CNBC Pro subscribers can learn more here.

—Weizhen Tan

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

Oil prices fell nearly a dollar as China’s Covid concerns grew, with the country seeing the first recorded virus-related deaths since May this year.

Brent futures lost less than a dollar, or 0.9%, to settle at $86.83 a barrel and United States West Texas Intermediate futures fell 1.09% to $79.21 a barrel.

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

“We believe the market has a right to worry about fundamentals going forward,” economists including Jeffrey Currie said in the note, adding that the potential for further shutdowns in China equates to the latest production cut by China. ‘OPEC+.

— Lee Ying Shan

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

Once a Wall Street darling, Amazon has lost some of its luster this year. The e-commerce giant’s stock fell more than 40%, significantly underperforming the S&P500which has decreased by about 15% over the same period.

Is it time for investors to reinvest? On Thursday, two market professionals squared off on CNBC’s “Street Signs Asia” to argue for and against buying the stock.

CNBC Pro subscribers can learn more here.

— Zavier Ong

European markets: here are the opening calls

European markets head for a higher open on Tuesday as investors in the region appear to ignore concerns from their US and Asia-Pacific counterparts over China’s tightening of Covid restrictions, which continue to pressure the economy. production.

Britain’s FTSE 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.

The data releases include preliminary consumer confidence data for the Eurozone in November.

—Holly Ellyatt

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