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Europe markets close higher to end the week, Volvo down 11% on Geely share sale

This is CNBC's live blog covering European markets.

European markets closed higher Friday after a reversal of momentum in the previous session.

European markets


The pan-European Stoxx 600 index closed around 1% higher, with all sectors and major bourses in positive territory. The gains were led by financial services and mining stocks, which closed up by 1.7% and 1.8% respectively.

Italian insurance and asset management company Generali is the only major corporate due to report results on Friday.

U.K. retail sales figures reflected a 2.7% year-on-year drop, with clothing and household purchases being hit the hardest, according to the Office of National Statistics. Compared to the previous month, retail sales declined by 0.3%, hitting the lowest level since early 2021 and coming in far below expectations.

A final reading of euro zone inflation showed a sharp slowdown, with October's year on year inflation reading coming in at 2.9% compared to 4.3% in September, according to EU statistics office Eurostat.

In the U.S., stocks fell slightly on Friday. Markets have been buoyed by soft readings for October's consumer price index and the producer price index, which boosted hopes that inflation could finally be coming down and staying down — and the U.S. Federal Reserve's tough monetary policy regime could be over.

Meanwhile in Asia, Hong Kong stocks led declines. E-commerce giant Alibaba shares slid following results in which it said it would not proceed with the full spinoff of its cloud group in light of U.S. chip export restrictions.

Rolls-Royce shares hit one-year high as stock price soars

Rolls-Royce shares hit a 52-week high on Friday after soaring by around 190% over a year. Stock prices rose as high as 248 pence (308 cents).

The British aerospace and defense company has undergone significant financial changes since CEO Tufan Erginbilgic took over in January and introduced a plan to turn the business around.

The share price high comes despite critical comments about Rolls-Royce's jet engines by Emirates Airline President Tim Clark at the Dubai Airshow this week.

CNBC's Natasha Turak has more.

— Sophie Kiderlin

Biggest movers: Volvo down 10%, Embracer Group up 8%, Siemens Energy up 5.5%

Volvo Cars shares tumbled on Friday, after the automaker's Chinese parent company Geely began selling off some of its stock.

Leading the index was Swedish video game company Embracer Group, which was last trading 8.47% higher. Earlier in the week it had beat quarterly profit expectations while confirming its full-year forecast.

Siemens Energy shares were 5.57% higher after securing guarantees from the German government earlier in the week, which was followed by the company posting significant losses throughout its fiscal year.

— Sophie Kiderlin

Volvo Cars down as much as 12% as its parent company Geely sells off shares

Shares of car manufacturer Volvo Cars dropped on Friday as its parent company Geely began a sale of 100 million shares of the Swedish company.

At 8:30 a.m. London time, shares of Volvo were down by 11.14%. Earlier they had declined by as much as 12%. This marked a record low, according to Reuters.

Zhejiang Geely Holding Group said earlier on Friday that it would release further shares of Volvo, which was in line with its long-term strategy. Geely will still hold 78.7% of Volvo shares following the sale, the statement said.

— Sophie Kiderlin

European markets: Here are the opening calls

European markets are expected to open in the green Friday.

The U.K.'s FTSE 100 index is expected to open 26 points higher at 7,434, Germany's DAX is set to open up 31 points at 15,818, and France's CAC is seen 14 points higher at 7,187, according to data from IG. 

— Katrina Bishop

CNBC Pro: Time to buy Siemens and HelloFresh after big share price moves? Here's what analysts say

Shares of the German meal-kit delivery firm HelloFresh lost nearly a quarter of their value on Thursday after it surprised investors by issuing a profit warning.

In contrast, Siemens, the German industrial manufacturing giant, posted strong fourth-quarter and full-year results that beat market expectations. Shares of the $125 billion company jumped by more than 5% on the news.

Should investors buy the stocks now?

CNBC Pro subscribers can read about what Wall Street analysts have to say about the two stocks here.

— Ganesh Rao

CNBC Pro: Morgan Stanley's analyst just struck a cautious tone on Alphabet. Here's why

Google parent Alphabet has been among the so-called "Magnificent Seven" stocks that investors have been looking at favorably this year — but one analyst has some reservations.

Morgan Stanley is overweight on the stock, but equity analyst Brian Nowak struck a cautious tone when talking to CNBC, especially when compared with Meta and Amazon.

It comes after the bank cut its price target on Alphabet from $155 to $150, giving it upside of 11.4% from its close on Nov. 15.

CNBC Pro subscribers can read more here.

— Amala Balakrishner