European markets open to close, earnings, data and news

U.S. stocks opened lower on Friday morning.

The Dow Jones Industrial Average was down 36 points to start the day, or 0.1%. The S&P 500 dipped 0.2% and the Nasdaq Composite fell 0.4%.

— Tanaya Macheel

The core personal consumption expenditures price index, the Federal Reserve’s preferred gauge of inflation, rose slightly more than economists expected on a year-over-year basis.

Core PCE climbed 4.7% in November from the year-earlier period, while economists polled by Dow Jones expected a gain of 4.6%. Month over month, the index advanced 0.2%, matching expectations.

— Fred Imbert

After a half-day of trading due to the Christmas holiday, London’s FTSE 100 index ended the day flat, up just 0.05% at 7473 points. It’s had a bumpy ride over the last month:

Sammy Chaar, chief economist at Lombard Odier, discusses what the U.S. Federal Reserve might do in 2023 and how investors should be positioned.

— Arjun Kharpal

Basic resources was the sector posting the biggest gains by 11 a.m. London time, up 1.2%. Autos, financial services and retail were all up just under 1%.

Travel and leisure was trading at the bottom of the sectors, down 0.18%, while the utilities sector was also in the red, although only just, down 0.04%.

— Katrina Bishop

The Stoxx 600 was up 0.2% by 8:55 a.m Friday. Like most major indexes it’s had a bumpy ride this year —here’s how it’s fared:

Cyrus Mewawalla shares his outlook for big tech themes next year.

— Katrina Bishop

European markets are heading for a higher open Friday, after closing in the red the previous session.

The U.K.’s FTSE 100 index is expected to open 17 points higher at 7,480, Germany’s DAX is seen 50 points higher at 13,946, and France’s CAC is seen up 15 points at 6,523, according to data from IG.

There are no major earnings or data releases expected.

— Katrina Bishop

Taiwan Semiconductor Manufacturing Co. is in talks with suppliers to build its first European chip plant in Dresden, Germany, Financial Times reported, citing people familiar with the matter.

The company will reportedly send senior executives to Germany to discuss government support levels and local supply chain. The plant will aim to focus on 22nm and 29nm chip technologies, the report said.

Shares of the firm listed in Taiwan traded 2.8% lower in Asia’s trade on Friday.

— Jihye Lee

Automation and cost-cutting at many businesses during a recession will drive up profits at two Silicon Valley companies, according to tech fund manager Jeremy Gleeson.

Gleeson, who manages a $1.5 billion tech fund at AXA, believes if there is a recession next year, then “companies are going to need to do more with less.”

“One of the ways they could do that is by utilizing technology better to enhance the productivity of their existing workforce,” he said and named the two stocks that will benefit from the trend.

CNBC Pro subscribers can read more here.

— Ganesh Rao

The Bureau of Economic Analysis will issue November’s personal consumption expenditure report – the Federal Reserve’s preferred inflation measure – on Friday morning.

The core personal consumption expenditures price index, which excludes food and energy prices, is expected to have gained 0.2% in November – the same increase seen in October, according to economists polled by Dow Jones. On an annual basis, the measure is expected to have climbed by 4.6%, compared to 5.0% in October.

The BEA will also release personal income data. Economists are calling for a 0.3% increase in November, which would be a step down from October’s gain of 0.7%.

The November data is coming out at a crucial time, reflecting the impact of the Fed’s six previous interest rate hikes in 2022 as the central bank attempts to cool the economy. Policymakers issued their seventh rate increase on Dec. 14, a hike of 50 basis points.

— Darla Mercado

Stock futures opened flat on Thursday evening.

Futures tied to the Dow Jones Industrial Average dipped 12 points, or 0.04%, while S&P 500 and Nasdaq 100 futures traded flat.

— Samantha Subin

High-growth tech stocks are unlikely to rebound after a “pivot” on interest rates from the Federal Reserve, according to one market strategist.

CNBC Pro subscribers can read why Peter Toogood, chief investment officer at Embark Group, also believes stocks such as Peloton are an “absolute nonsense” trade for investors.

— Ganesh Rao