European markets open for closing, stock movements, news and data

Virgin Money Shares jumped more than 13% to top the Stoxx 600 by mid-afternoon after the company reported an increase in pre-tax profit for the 2022 financial year and announced a £50m ($59.4m) share buyback programme.

At the bottom of the European premium index is a British online grocer Ocado It fell more than 7%.

– Elliott Smith

MPMG Group’s Paul Gambles says there are more shock waves in the cryptocurrency industry and warns that liquidity is drying up.

Dan Scott of Vontobel Asset Management discusses layoffs in the technology sector.

Germany’s producer price index came in at -4.2% month over month in October, the Federal Statistics Office reported Monday, well below Reuters’ forecast for a 0.9% increase.

On a yearly basis, wholesale prices rose 34.5%, below expectations of 41.5%.

– Elliott Smith

Virgin Money Shares jumped more than 13% to top the Stoxx 600 in early trade after the company reported an increase in pre-tax profit for the 2022 financial year and announced a £50m ($59.4m) share buyback programme.

At the bottom of the cursor, an arrow International distribution services Trading as Royal Mail – down 5% as the company faces further waves of industrial strikes from workers over the holiday season.

Oil prices fell nearly $1 as Covid fears rose in China with the nation seeing a The first death related to the virus was recorded since May this year.

Brent Crude Futures losing less than a dollar, or 0.9%, to stand at $86.83 a barrel and West Texas Intermediate USA Futures fell 1.09% to $79.21 a barrel.

Goldman Sachs cut its forecast for Brent oil by $10 to $100 a barrel for the fourth quarter of 2022, citing waning Chinese demand as Covid concerns mount and insufficient detail from Russia’s recent G7 oil price cap.

“We believe the market has a right to worry about future fundamentals,” economists including Jeffrey Corey said in the note, adding that the potential for further lockdowns in China equaled the latest Production cut by OPEC+.

– Lee Ying Chan

This year, a 30% decline in the value of shares of major Chinese technology companies, such as Ali Babamade it “incredibly cheap,” according to investment bank China Renaissance.

The head of equities, Andrew Maynard, not only believes that the stock market looks like it has bottomed out, but also that investors could lose the rally if they remain less heavy on China.

“Without a shadow of a doubt, underweight China is going to cost you going,” Maynard said.

CNBC Pro subscribers can read more here.

– Ganesh Rao

Investors may be a little more cautious next week, as stocks seek direction in quiet trading and bond market warnings of a recession get noisier.

The Thanksgiving holiday on Thursday should mean that the markets will likely be quiet on Wednesday and Friday. Merchants will be watching reports on Black Friday holiday shopping for consumer feedback.

“It really is a week where data-driven is the keynote,” said Julien Emmanuel, Senior Managing Director at Evercore ISI. bias [for stocks] It will be higher unless data continues to deteriorate and the Fed maintains its bullish bias…which has clearly strengthened in the last 48 hours. “

Check out our full deep dive on what to expect next week over here.

– Patti Dome, Tanaya Machell

We’re in the “last stages” of a bear market, says Mike Wilson, senior US equity analyst at Morgan Stanley, but it’s going to be tough for a while longer.

He predicts when — and at what level — the S&P 500 will hit a “new low.”

CNBC Pro subscribers can read more here.

– Wizen tan

European markets are set to open lower on Monday as investors continue to monitor the uncertain economic outlook.

The UK’s FTSE is expected to open 15 points lower at 7,386, Germany’s DAX is down 54 points at 14,378, France’s CAC is down 17 points at 6,629, and Italy’s FTSE MIB is down 54 points at 24,445, according to data from IG.

There are no big profits on Monday. Data releases include German Producer Prices for October.

– Holly Ellytt