European markets open to close; U.S. midterm elections watched closely

Stocks on the move: Pandora up 6%, Persimmon down 8%

Quarterly earnings reports continue to drive individual share price movement in Europe.

Pandora shares climbed more than 6% in early trade to lead the Stoxx 600 after the Danish jeweler beat third-quarter profit expectations.

At the bottom of the index, British housebuilder Persimmon fell 8.7% after reporting a rise in cancellation rates and projecting fall in sales in 2023.

CNBC Pro: UBS thinks gold will rally by a double-digit percentage in 2023

Swiss investment bank UBS is forecasting a rebound in gold prices next year.

Gold has traditionally been considered an inflation hedge, but rising interest rates mean it has lost 18% of its value since March

UBS analysts said it offers “an attractive risk-reward” looking ahead — here’s why.

CNBC Pro subscribers can read more here.

— Ganesh Rao

CNBC Pro: Markets will rally into year-end, says Morgan Stanley’s Slimmon, who names 3 stocks to buy

Morgan Stanley’s Andrew Slimmon expects the market to rise as we head toward the end of the year.

“Despite [the] Fed Chair throwing cold water on the concept of a Fed pivot, I still believe the equity market will rally into year-end,” Slimmon, senior portfolio manager at Morgan Stanley Investment Management, told CNBC’s “Street Signs Asia” Friday.

He expects all but one sector to move higher, and names three stocks to cash in.

CNBC Pro subscribers can read more here.

— Weizhen Tan

European markets: Here are the opening calls

European markets are set to open in mixed territory on Tuesday, with investors keeping a close eye on the U.S. midterm elections.

The U.K.’s FTSE index is expected to open 28 points lower at 7,273, Germany’s DAX up 22 points at 13,556, France’s CAC unchanged at 6,418 and Italy’s FTSE MIB up 8 points at 23,358, according to data from IG.

Data releases on Tuesday include euro zone retail sales for September, Dutch inflation data for October and French trade balance figures for September.

Earnings come from Bayer, Henkel, Munich Re, Deutsche Post DHL, Ferragamo, Banco BPM, Aveva, AB Foods and Persimmon.

— Holly Ellyatt

Read More: European markets open to close; U.S. midterm elections watched closely

2022-11-08 01:03:00

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