European stocks open at close, US inflation data

European markets: here are the opening calls

European markets are heading for a lower open on Thursday as investors around the world brace for the latest US inflation data.

Britain’s FTSE index is expected to open down 12 points to 6,812, Germany’s DAX down 41 points to 12,150, France’s CAC down 23 points to 5,803 and Italy’s FTSE MIB down 40 points to 20,324, according to data from IG.

The lower opening in Europe comes amid mixed global sentiment ahead of the latest US inflation reading. US Stock Futures rose slightly overnight as Asia-Pacific markets were mixed as investors wait for the data.

Dow Jones consensus estimates show CPI rose 0.3% in September, from 0.1% in August. This would bring the annual rate of inflation from 8.3% to 8.1%.

A rise in the consumer price index would also follow stronger-than-expected producer price data, according to data released Wednesday. The United States Producer Price Indexa gauge of final demand wholesale prices, rose 0.4% in September, more than the consensus estimate of a 0.2% increase, according to Dow Jones.

Markets digested Wednesday’s minutes released from the Federal Reserve’s September meeting that showed the central bank should keep raising interest rates until it sees inflation coming down.

A comment has some thinking that the Fed may instead slow rate hikes, or even reverse them, if the tumult in financial markets continues.

On the data front in Europe, Germany releases final inflation data for September.

—Holly Ellyatt

CNBC Pro: Goldman Sachs favors Tesla and another major automaker even in an economic downturn

Goldman Sachs raised its forecast for electric car sales and said You’re here and another major automaker will benefit from the Cut Inflation Act.

It comes at a time when the auto sector faces multiple headwinds in 2023, from rising interest rates to falling consumer demand.

CNBC Pro subscribers can learn more here.

—Ganesh Rao

Fed minutes show central bank sees more rate hikes, higher rates for longer

Minutes from the Federal Reserve’s September meetingreleased on Wednesday, show that the central bank plans to keep raising interest rates and hold them higher until inflation shows signs of easing.

The minutes reflect policymakers’ discussions ahead of the latest hike of 0.75 percentage points, the third straight hike of this magnitude achieved this year.

The central bank was surprised by the persistent pace of inflation, but remains optimistic that rate hikes will help keep rising prices in check.

—Carmen Reinicke, Jeff Cox

CNBC Pro: Is Meta a Buy or Dodge Stock? A bull and a bear clash

These are tumultuous times for Metainvestors fleeing this year as it struggles with headwinds.

At the end of September, the stock plunged to trade at its the lowest since January 2019 – and since then it has gone down further.

Are big investors looking at Facebook’s parent company as a buy, now that its shares are so cheap, or is that something to avoid?

CNBC “Street signs Asia” sat down with Paul Meeks of Independent Solutions Wealth Management and Jake Dollarhide of Longbow Asset Management as they square off to make their bullish and bearish cases for Meta.

Pro subscribers can learn more here.

—Weizhen Tan

Stocks close lower after choppy session

All three major averages closed lower on Wednesday after swinging between gains and losses throughout the day.

The S&P 500 lost 0.33% to 3,577.03, its lowest close since November 2020 and its sixth consecutive daily loss.

The Dow Jones Industrial Average fell 28.34 points, or 0.10%, to close at 29,210.85. The Nasdaq Composite fell 0.09% to close at 10,417.10.

—Carmen Reinicke

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