European markets open to closed, stocks, data and earnings news

Stocks on the move: BP up 5%, Allfunds down 9%

British wealth technology company Allfunds group saw its shares fall 9% to the bottom of the Stoxx 600 in early trade.

At the top of the index, bp Stocks rose 5% to lead a broad rise for the oil and gas sector.

-Elliot Smith

CNBC Pro: Morgan Stanley’s Wilson says inflation will ease but warns of a ‘new era’ ahead.

Watch CNBC's full interview with Morgan Stanley's Mike Wilson

Mike Wilson, Morgan Stanley’s chief US equity strategist, said he expects a “rather steep fall in inflation” and predicts when that might happen.

But he said there are two areas that are exceptions where inflation could be “harder”.

CNBC Pro subscribers can read more here.

— Wheat Tan

Oil prices fall as China faces Covid concerns, Goldman Sachs predicts cuts

Oil prices fell nearly a dollar as Covid concerns mounted in China and the nation recorded its first virus-related deaths since May this year.

Brent Crude Oil Futures lost less than a dollar, or 0.9%, to $86.83 a barrel and US West Texas Intermediate Futures fell 1.09% to $79.21 a barrel.

Goldman Sachs lowered its forecast for Brent oil for the fourth quarter of 2022 by $10 to $100 a barrel, citing muted demand from China amid rising Covid concerns and insufficient detail from the Group of 7 nations’ recent price cap for russian oil.

“We believe the market has a right to be concerned about future fundamentals,” economists including Jeffrey Currie said in the note, adding that the potential for further lockdowns in China is consistent with OPEC+’s recent production cut.

— Lee Ying Shan

CNBC Pro: Amazon is down 40% this year – is it time to buy? Market professionals comment

Once a Wall Street darling, Amazon has lost some of its luster this year. The e-commerce giant’s stock is down more than 40%, significantly underperforming S&P500which fell by around 15% over the same period.

Is it time for investors to get back in? Two market pros squared off Thursday on CNBC’s Street Signs Asia to argue for and against buying the stock.

CNBC Pro subscribers can read more here.

– Zavier Ong

European Markets: Here are the opening calls

European markets are heading for a higher opening Tuesday as investors in the region appear to be shaking off concerns from their US and Asia-Pacific peers over the tightening of China’s Covid restrictions that continue to squeeze manufacturing.

According to data from IG, the UK FTSE index is expected to open 27 points higher at 7,407, Germany’s DAX up 33 points at 14,419, France’s CAC up 20 points at 6,653 and Italy’s FTSE MIB up 70 points at 24,433.

The data releases include preliminary euro-zone consumer confidence data for November.

— Holly Ellyatt


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