European markets open for closing, earnings, data and news
Expect the unexpected with gas prices, says EDP boss
We should “expect the unexpected” when it comes to gas prices, according to Miguel Stilwell d’Andrade, CEO of Portuguese electricity company EDP.
Stilwell d’Andrade made the comments on CNBC’s “Squawk Box Europe” while discussing EDP’s third-quarter results and the turbulent energy market.
OMV shares rise 10% as third quarter profit nearly doubles
Shares in OMV rose 10.1% on news that the Austrian oil, gas and chemicals company’s profit was better than expected in the third quarter.
OMV reported around 96% year-on-year growth, with operating profit of 3.52 billion euros ($3.5 billion), as reported by Reuters.
Skyrocketing oil and gas prices helped drive the increase.
—Hannah Ward-Glenton
German economy shows unexpected growth in the third quarter
The German economy grew in the third quarter, against expectations.
Gross domestic product increased by 0.3% from the previous quarter, despite the country grappling with high inflation and energy problems.
A Reuters poll had expected a decline of 0.2 percent.
—Hannah Ward-Glenton
Natwest down 7% after reporting flat third-quarter results
Nightwest is down 7% after reporting flat results for the third quarter.
The British bank reported a profit of 1.1 billion pounds ($1.3 billion), just missing analyst forecasts.
Natwest set aside a further £247m to reflect the difficult economic outlook in the UK, which ate into profits.
—Hannah Ward-Glenton
We see a “slowing down of growth”, not a decline, says the Bank of America CEO
Bank of America CEO Brian Moynihan said we’re seeing “a slowdown” rather than a slowdown in an exclusive interview with “Squawk Box Europe.”
Coming Up: Bank of America CEO Brian Moynihan Live on ‘Squawk Box Europe’
Bank of America CEO Brian Moynihan will give an exclusive live interview on CNBC’s “Squawk Box Europe” at 8am London time.
The bank released its third-quarter results on October 17 and stressed that the resilience of the US consumer was a reason to reduce concerns about an economic recession.
You can watch the interview live on CNBC here.
—Hannah Ward-Glenton
European markets: Here are the opening calls
The FTSE 100 is expected to drop 32 points to 7,039 and Germany’s DAX 67 points lower at 13,155, according to data from IG. The CAC will be down 25 points to open at 6,226 and Italy’s MIB will be 89 points lower at 22,347.
CNBC Pro: Tech stocks fall, but one fund manager still loves Microsoft. Here’s why
Tech stocks have fallen this week, as investor optimism wanes after disappointing results from some of the sector’s biggest names.
But fund manager Brian Arcese stands firm Microsoftcalling it a “solid long-term defensive holding.”
Pro subscribers can read more here.
— Zavier Ong
CNBC Pro: There’s a lot of pain ahead for markets, warns strategist
Investors should think twice before chasing the recent rally in stocks, according to one strategist.
“I think the market rally is a breathing room rally,” Beat Wittmann, chairman of Switzerland’s Porta Advisors, told CNBC.
CNBC Pro subscribers can read more here.
— Jenny Reid
Chip stocks fall after US official said allies may soon impose export limits on China
The Bank of Japan keeps interest rates on hold as expected
Japan’s central bank left interest rates unchanged on Friday, in line with forecasts from economists in a Reuters poll.
The Bank of Japan also said it would buy the necessary amount of Japanese government bonds at a fixed rate to keep 10-year JGB yields at 0%.
“The Bank will support financing, mainly by firms, and maintain stability in financial markets, and will not hesitate to implement further easing if necessary,” it said in its monetary policy statement.
– Jihye Lee
