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European markets close mostly higher after hitting nine-week high

Jenni Reid

This is CNBC's live blog covering European markets.

European stocks closed higher Friday as the Stoxx 600 index crept up on the final trading day of the week.

The pan-European Stoxx 600 index closed up provisionally 0.4% Friday, while sectors were a mixed bag. Chemicals stocks rose about 0.9% while tech shares slipped 0.1%.

Oil futures traded higher after the Organization of Petroleum Exporting Countries announced its delayed meeting would be held virtually on Nov. 30.

The Stoxx has seen muted moves this week, though has nudged higher to reach its highest level since Sept. 20.

European markets


Final German gross domestic product figures for the third quarter on Friday confirmed an earlier reading of 0.1% month-on-month contraction. GDP was down 0.8% on the previous year.

Asia-Pacific markets traded mixed, with Japanese data boosting the Nikkei 225 index, while Hong Kong's Hang Seng index plunged 1.77%.

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‘Some positive news’: Ifo president on data showing improved German business sentiment

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Clemens Fuest, president of the Ifo institute, discusses German business sentiment after data shows improved morale for the third consecutive month in November.

German business sentiment shows slight improvement

The Commerzbank building (second from right) in Frankfurt am Main, western Germany, on Sept. 25, 2023.
Kirill Kudryavtsev | Afp | Getty Images

German business sentiment improved for a third straight month in November, with the Ifo's Business Climate Index rising from 86.9 points to 87.3 points.

The research institute found companies assessed their current business situation as "somewhat better" and were less pessimistic about the months ahead.

"The German economy is stabilizing, albeit at a low level," the Ifo said.

German gross domestic product fell by 0.1% in the third quarter, figures confirmed Friday.

— Jenni Reid

European markets: Here are the opening calls

Stocks are set to open mixed Friday, according to IG data, with the U.K.'s FTSE 100 set to dip 24 points to 7,466 and Germany's DAX to be flat.

France's CAC 40 and Italy's MIB are also seen slightly lower, by 11 points and 17 points, respectively.

Healthcare, AI and more: How one pro is investing for a 'Goldilocks' economy

Uncertainty in global markets coupled with persistently high inflation has raised the question of whether there will be a hard or soft economic landing.

Andy Budden, investment director for equities at global financial services firm Capital Group, is in the latter camp and expects the U.S. Federal Reserve to keep rates high but not tip the economy into a recession.

Taking into account his expected economic outcome, Budden named four themes to watch — and outlines the type of dividend stocks he likes.

CNBC Pro subscribers can read more here.

— Amala Balakrishner

CNBC Pro: Global growth stocks are making a comeback, Goldman says, highlighting names

European growth stocks haven't been doing as well as their U.S. peers this year.

Growth stocks in the region have underperformed value stocks by 13% since the start of the rate-hiking cycle in 2022, according to Goldman Sachs in a Nov. 20 report.

But the investment bank expects that to change soon, and highlighted some names.

CNBC Pro subscribers can read more here.

— Weizhen Tan

CNBC Pro: After a tough quarter for the global luxury sector, UBS reveals the 3 stocks to buy for 2024

UBS named three stocks in the luxury for investors looking ahead to 2024.

One of the bank's stock picks is expected to rise by nearly 40% over the next 12 months despite the risk of a recession.

Analysts at the bank also said their three picks had attractive valuations that would see minimal downside in a potential downturn.

CNBC Pro subscribers can read more here.

— Ganesh Rao

OPEC+ oil group to hold virtual meeting on Nov. 30

Opec logo displayed on a smart phone with Opec seen in the background, in this photo illustration. On 10 September 2023. In Brussels, Belgium. (Photo illustration by Jonathan Raa/NurPhoto via Getty Images)
Nurphoto | Nurphoto | Getty Images

The influential oil group reuniting the Organization of the Petroleum Exporting Countries and its allies will hold a virtual meeting to decide crude production strategy on Nov. 30, the OPEC Secretariat said.

The group, collectively known as OPEC+, was supposed to convene in person in Vienna over Nov. 25-26 but has since postponed its meeting amid inter-member disgruntlement — weighing on intraday prices on Thursday.

The Ice Brent contract with January expiry was trading at $80.30 per barrel at 2:10 p.m. London time, down by $1.66 per barrel from the Wednesday settlement. The Nymex WTI contract with January delivery was at $75.45 per barrel, lower by $1.65 per barrel from the previous day's close price.

— Ruxandra Iordache