U.S. inflation data, China Covid measures

Shares of London-listed insurance giant Prudential were up 9.4% by mid-afternoon to lead the Stoxx 600.

At the bottom of the index, Swiss-headquartered market expansion company DKSH fell more than 7% after Stifel cut its price target for the stock.

Hugh Gimber, global market strategist at JPMorgan Asset Management, reacts to the U.K.’s third-quarter GDP contraction and discusses the outlook for monetary and fiscal policy in the country and around the world.

Richemont shares jumped more than 12% to lead the Stoxx 600 in early trade after the Swiss luxury group beat first-half earnings expectations.

Germany’s Delivery Hero climbed 6.7% after Citigroup raised its price target for the stock.

– Elliot Smith

The U.K. economy contracted by 0.2% in the third quarter of 2022, signaling what could be the start of a long recession.

The preliminary estimate indicates that the economy performed better than expected in the third quarter, despite the downturn. Economists had projected a contraction of 0.5%, according to Refinitiv.

Read the full story here.

– Elliot Smith

Bitcoin is down by 75% from its all-time high, and a cryptocurrency exchange is on the brink of bankruptcy. In such an environment, a bond fund manager reveals the one thing that’s needed for prices to rally.

Michael Howell from Cross Border Capital also said that due to the missing catalyst, there’s an increased risk of investors getting in a “bit too early.”

CNBC Pro subscribers can read more here.

— Ganesh Rao

Chinese stocks could get a 20% boost if the country eases its zero-Covid policy, according to Goldman Sachs.

The investment bank named a number of stocks it expects to benefit from the reopening.

Pro subscribers can read more here.

— Zavier Ong

While automakers may be an obvious way to play the electric vehicle boom, the broader supply chain could also offer opportunities to investors.

A quarter of the 75 component stocks of the Global X Autonomous and Electric Vehicles ETF are tech names, with materials and industrials stocks, as well as auto stocks, making up the rest.

CNBC Pro screened the ETF for stocks that are buy-rated by the majority of analysts, with serious upside potential.

CNBC Pro subscribers can read more here.

— Zavier Ong

Britain’s FTSE 100 is seen around 48 points higher at 7,423, Germany’s DAX is set to climb by around 107 points to 14,253 and France’s CAC 40 is expected to gain around 67 points higher at 6,624.