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European markets close flat following choppy day's trade on U.S. inflation read

Elliot Smith

This is CNBC's live blog covering European markets.

European stocks were mixed on Friday as the buoyance triggered by a softer-than-expected U.S. consumer price index reading fizzled out.

European markets


The pan-European Stoxx 600 closed fractionally above the flatline, having given up earlier gains of around 0.7%. Basic resources ended 2.6% higher while health care stocks fell 2.4%.

The European blue chip index closed 2.8% higher on Thursday after the release of the U.S. consumer price index, which sent major averages stateside to their biggest one-day rallies since 2020.

Markets are hoping the data could encourage the U.S. Federal Reserve to ease its aggressive monetary policy tightening.

U.S. stocks slipped Friday after posting their biggest one-day rally since 2020, as a decline in cryptocurrencies weighed on the broader market.

Investor optimism was boosted early on Friday after China said it would ease some Covid measures, which sent Hong Kong's Hang Seng index soaring more than 7% overnight.

Stocks on the move: Prudential up 9%, DKSH down 7%

Shares of London-listed insurance giant Prudential were up 9.4% by mid-afternoon to lead the Stoxx 600.

At the bottom of the index, Swiss-headquartered market expansion company DKSH fell more than 7% after Stifel cut its price target for the stock.

UK Finance Minister Hunt faces difficult call between economics and politics: JPMorgan's Gimber

UK Finance Minister Hunt faces difficult call between economics and politics: JPMorgan's Gimber
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Hugh Gimber, global market strategist at JPMorgan Asset Management, reacts to the U.K.'s third-quarter GDP contraction and discusses the outlook for monetary and fiscal policy in the country and around the world.

Stocks on the move: Richemont up 12%, Delivery Hero up 6%

Richemont shares jumped more than 12% to lead the Stoxx 600 in early trade after the Swiss luxury group beat first-half earnings expectations.

Germany's Delivery Hero climbed 6.7% after Citigroup raised its price target for the stock.

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UK on the brink of recession after economy contracts by 0.2% in the third quarter

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A quarter of the 75 component stocks of the Global X Autonomous and Electric Vehicles ETF are tech names, with materials and industrials stocks, as well as auto stocks, making up the rest.

CNBC Pro screened the ETF for stocks that are buy-rated by the majority of analysts, with serious upside potential.

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Here are the opening calls

Britain's FTSE 100 is seen around 48 points higher at 7,423, Germany's DAX is set to climb by around 107 points to 14,253 and France's CAC 40 is expected to gain around 67 points higher at 6,624.