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European stocks close higher; Credit Suisse down 1% after wild trading session

This is CNBC's live blog covering European markets.

European stocks closed higher on Monday as market volatility continued into the last quarter of the year.

European markets


The pan-European Stoxx 600 index provisionally closed up by 0.7%, having recouped early losses of more than 1.3%. Oil and gas stocks added 3.1% to lead gains while food and beverages fell 1.2%.

The early declines in Europe came after a gloomy trading session in Asia-Pacific markets, with sharp moves in the price of oil.

Brent crude futures and West Texas Intermediate futures jumped after reports that OPEC+ is considering an oil output cut of more than a million barrels per day, citing sources.

Such a move would be the biggest taken by the organization to address weakness in global demand.

Stocks on the move: Accelleron down 14%, Tenaris up 7%

Credit Suisse shares were down 5% by mid-afternoon on Monday, having recovered some of their earlier losses, as market jitters over the Swiss bank's capital position persisted after a spike in credit-default swaps.

At the bottom of the Stoxx 600, Accelleron sank more than 14% on its market debut on the SIX Swiss Exchange in Zurich, after the former ABB turbocharging unit was spun off by the Swiss automation company.

Other notable falls included Just Eat Takeaway and Lufthansa, both of which dropped 5.9%.

At the top of the European blue chip index, Luxembourg-based steel pipe manufacturer Tenaris gained 7%.

Credit Suisse CEO reassures staff of 'strong capital base and liquidity position'

The logo of Swiss bank Credit Suisse is seen at its headquarters in Zurich, Switzerland March 24, 2021.
Arnd Wiegmann | Reuters

Credit Suisse CEO Ulrich Koerner last week sought to reassure staff of the Swiss bank's "strong capital base and liquidity position" amid market concerns and a rise in credit-default swaps.

Credit Suisse shares plunged on Monday, but the bank said in a statement that it would be "premature to comment" ahead of the outcome of its comprehensive strategic review, with an update due alongside its third-quarter earnings report on Oct. 27.

In an internal memo sent to staff last week, Koerner promised staff regular updates during this "challenging period" and said Credit Suisse was "well on track" with its strategic review.

"No doubt there will be more noise in the markets and the press between now and the end of October. All I can tell you is to remain disciplined and stay as close as ever to your clients and colleagues," he said.

"I know it's not easy to remain focused amid the many stories you read in the media – in particular, given the many factually inaccurate statements being made. That said, I trust that you are not confusing our day-to-day stock price performance with the strong capital base and liquidity position of the bank."

- Elliot Smith

Stocks on the move: Credit Suisse down 9%, Accelleron down 12% on debut

Credit Suisse shares plunged 9% on Monday as market jitters over the Swiss bank's capital position persist after a spike in credit-default swaps.

Reuters reported on Friday that Credit Suisse CEO Ulrich Koerner told staff in an internal memo that capital and liquidity were solid.

Credit Suisse is due to announce the outcome of its strategic review on Oct. 27.

At the bottom of the Stoxx 600, Accelleron sank more than 12% on its market debut on the SIX Swiss Exchange in Zurich, after the former ABB turbocharging unit was spun off by the Swiss automation company.

- Elliot Smith

British pound jumps on reports UK government will U-turn on cut to top tax rate

The British pound jumped on Monday morning on reports that the U.K. government will reverse plans to scrap the top rate of income tax.

Sterling gained 0.8% against the dollar to trade at around $1.1250 shortly after 7 a.m. London time, taking the pound back to the level seen before Finance Minister Kwasi Kwarteng's announcement of a raft of widely criticized tax cuts on Sept. 23.

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- Elliot Smith

ANZ sees significant chance of an OPEC+ cut as large as 1 million barrels per day

Ahead of an OPEC+ meeting on Oct. 5, ANZ sees a "significant chance of a cut" as large as 1 million barrels per day, analysts at the firm said in a note.

That move is likely to be made "to counteract the excessive bearishness in the market."

The note added that any production cuts below 500,000 barrels per day, however, would be "shrugged off by the market."

–Jihye Lee

CNBC Pro: Investment pro says ETFs are a $10 trillion opportunity — and reveals areas of ‘tremendous' value

Exchange-traded funds offer the benefit of diversification, says Jon Maier, chief investment officer at Global X ETFs. He said the ETF market is "growing exponentially" and estimates it to be worth $10 trillion.

He names several opportunities for ETF investors in this volatile market.

Pro subscribers can read more here.

— Zavier Ong

Oil prices jump on reports of OPEC+ mulling production cut

Oil prices jumped after reports that OPEC+ is considering an oil output cut of more than a million barrels per day, citing sources.

Such a move would be the biggest taken by the organization to address weakness in global demand.

Brent crude futures jumped 3.3% to $87.97 per barrel, while U.S. crude futures also popped 3.21% to trade at $82.04 per barrel.

— Jihye Lee

CNBC Pro: The five global stocks experiencing the de-globalisation trend, according to HSBC

New research from HSBC says supply chains, geopolitical tensions, and worsening financial conditions have forced many global companies to "substantially" turn inward in search of resilient revenue and growth.

In a tough economic environment with recessionary pressures, the bank said turning inwards is "probably helpful" for these stocks.

The report titled 'A de-globalisation wave?' said European firms' foreign sales dipped below 50% in 2021, the lowest level in the last five years.

European markets: Here are the opening calls

European markets are heading for a mixed open on Thursday with investor jitters continuing on recession concerns.

The U.K.'s FTSE index is expected to open 4 points higher at 7,493, Germany's DAX 12 points lower at 14,249, France's CAC down 8 points at 6,653 and Italy's FTSE MIB down 37 points at 24,204, according to data from IG.

There are no major earnings or data releases.

— Holly Ellyatt