Europe stocks close at six-month low as global data continues to cause concern

Europe's benchmark Stoxx 600 index closed Wednesday at its lowest level since March 28, LSEG data showed, as concern over the dual pressures of inflation and slowing growth continued to weigh on sentiment.

The U.K.'s FTSE 100 slipped 0.4% through the session, while Germany's DAX was 0.3% lower and France's CAC 40 was flat.

The Stoxx is down 2.3% in the month to date, still a little better than its 2.8% decline in August.

— Jenni Reid

Oil and gas stocks were 1.5% higher on Wednesday afternoon amid broader downbeat trading as oil prices surged on supply concerns.

International benchmark Brent crude futures were up 2.9% at $96.75 a barrel at 4:25 p.m. London time, while WTI futures climbed 3.4% to $93.81.

U.S. energy stocks also outperformed the wider market and were 2% higher.

— Jenni Reid

The British pound and euro continued to decline against the U.S. dollar Wednesday, having lost support from market expectations of future interest rate rises, which tend to boost currencies.

Both the Bank of England and European Central Bank have indicated they are putting rate hikes on hold as inflation nudges lower and economic weaknesses mount. Federal Reserve officials continue to suggest U.S. rates may need to go higher, meanwhile.

Sterling was 0.1% lower at $1.214 at 3:35 p.m. London time — its lowest level since March 16 — while the euro was down 0.5% at $1.0517.

— Jenni Reid

All three major stock indexes opened higher on Wednesday morning.

The Dow Jones Industrial Average rose 112 points, or 0.33%. The S&P 500 edged higher by 0.3%, while the Nasdaq Composite added over 0.4%.

— Lisa Kailai Han

Jim McCormick, macro strategist at Citi, discusses the outlook for the U.S. economy after the Federal Reserve's latest meeting, and the impact it is having on global economies, including that of the U.K.

Shares of H&M were up more than 4% in morning trading despite reporting disappointing September sales after a strong third quarter.

H&M said unusually hot weather in September dented the month's sales.

The fashion retailer's operating profit for June 1 to Aug. 31 came in at 4.74 billion Swedish krona ($431.5 million), beating the 4.72 billion forecast.

In the release, H&M also said it would be opening its first store in Brazil in 2025, and that it would gradually reopen its Ukraine stores from November.

— Hannah Ward-Glenton

Dutch insurance firms have fallen to the bottom of the pan-European Stoxx 600 index, led by NN Group, which fell 13% in early trade.

NN Group announced late Tuesday that there could be "substantial" financial consequences for the company after an interim judgment by the Court of Appeal in The Hague.

The ruling "may have a material adverse effect ... it is not possible to reliably estimate or quantify NN Group's overall exposures at this time," the company said in a statement.

The court said NN Group had not given enough information about the costs of investment-linked insurance products sold in the 1990s and 2000s. The group said it would appeal the judgment.

Rival Dutch insurance firm ASR Nederland was down 9% after the announcement, while Aegon fell 3%.

The market moves dragged down the wider insurance sector, which dropped 0.8%.

— Hannah Ward-Glenton

German consumer confidence is unlikely to recover in 2023, a report by market research company GfK said, as translated by CNBC, and sentiment is set to be lower than expected in October.

German consumers have clearly been tightening their belts, the report said, which has prompted sentiment to tumble.

Consumer sentiment is set to fall to -26.5 for October, in terms of the institute's index, which is a downward revision from the original forecast of -26.

The institute forecast Germany's consumer confidence would fall to -26 on its index for October,

— Hannah Ward-Glenton

European markets opened mixed Wednesday as investors continue to assess inflation, interest rates and the health of the global economy.

The pan-European Stoxx 600 index was down 0.1% in early trade, with sectors spread across marginally negative and positive territory. Utilities stocks dropped 0.6% to lead minor losses, while tech and oil and gas stocks each saw a 0.2% uptick.

— Hannah Ward-Glenton

Shares of a British chip designer are set to soar by over 100% over the next 12 months, according to Jefferies

The investment bank believes the company is designing chips for American Big Tech firms, which is expected to increase its profit margins.

The chip stock is also seen as "one of the key potential beneficiaries" of the growing trend in artificial intelligence applications.

CNBC Pro subscribers can read more here.

— Ganesh Rao

K-pop is a music phenomenon that stretches far beyond South Korea — and for investors wanting to cash in, there are just a few major agencies behind its more than 300 groups.

Bokyung Suh, director and senior research analyst at Bernstein, is bullish on one of them in particular and shares a key reason behind his outperform rating on the stock.

CNBC Pro subscribers can read more here.

— Lim Hui Jie

India's growth prospects have seen many investors and big-name banks turn bullish on the country, but portfolio manager Kamil Dimmich says he's steering clear.

"We are probably in the minority in here [and] we don't mind being in the minority," Dimmich from North of South Capital told CNBC Pro Talks last week.

Instead, he revealed an emerging market he says offers "great value," with two of his favorite stocks.

CNBC Pro subscribers can read more here.

— Amala Balakrishner

European markets are expected to open in mixed territory Monday.

The U.K.'s FTSE 100 index is expected to open 15 points lower at 8,422, Germany's DAX up 23 points at 18,781, France's CAC 8 points higher at 8,201 and Italy's FTSE MIB up 15 points at 34,332, according to data from IG.

Earnings are due from Ferrovial. There are no major data releases.

— Holly Ellyatt