This was CNBC's live blog covering European markets.
European markets closed lower Friday after a choppy session, as investors assessed fresh economic data and the future path for interest rate cuts following hawkish comments from U.S. Federal Reserve Chair Jerome Powell.
The pan-European Stoxx 600 provisionally closed 0.76% lower, recording its fourth consecutive weekly decline according to LSEG data. Media stocks slumped 3% while mining stocks gained 1.3%.
Shares of Bavarian Nordic plunged to the bottom of the Stoxx 600, ending the day down over 17%, after it reported an annual dip in third-quarter revenue amid volatile demand for its mpox vaccine.
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It comes amid wider declines for health care stocks, which shed 3.01%, as investors weighed President-election Donald Trump's nomination of Robert F. Kennedy Jr. to lead the Department of Health and Human Services.
On Friday, investors digested fresh U.K. GDP data for insight into the state of the British economy — the first reading since the Labour government's October budget announcement.
Gross domestic product came in at 0.1% in the three months to September compared to the previous quarter. That's below the 0.2% growth expected by economists polled by Reuters and follows an expansion of 0.5% in the second quarter of the year.
Money Report
U.K. Finance Minister Rachel Reeves said Friday she was "not satisfied" with the numbers.
Earning reports also came from Aegon, Experian, Cepsa, among others.
U.S. stocks were lower Friday as Wall Street continued to assess the comments and the future path of the post-election rally. Asia markets, meanwhile, were mixed during Friday's session.
European markets close lower, recording fourth consecutive weekly decline
European markets closed lower on Friday, with the Stoxx 600 provisionally ending the day 0.76% lower.
Media and health care stocks led losses, falling around 3% each, while mining and oil and gas stocks added 1.3% and 1.1% respectively.
Across the week, the Stoxx 600 fell around 0.7%, making this its fourth consecutive losing week, LSEG data showed.
Regional bourses were also widely lower Friday, with France's CAC 40, the U.K.'s FTSE 100 and Germany's DAX all ending the day in negative territory.
— Sophie Kiderlin
ECB's Piero Cipollone says monetary policy restrictions should be reduced further
Piero Cipollone, a member of the European Central Bank's executive board, on Friday said that monetary policy restrictions should be eased further to support the zone's economy and productivity.
The ECB has cut interest rates three times so far in 2024, with one monetary policy meeting remaining on the agenda this year.
Cipollone warned of risks of keeping policy more restrictive than necessary, saying there could be short and long term consequences which could lead to a reduction of economic potential.
"The current balance of risks suggests that we can and should reduce further the current level of monetary policy restriction," Cipollone said at an annual economics conference in the U.K., adding that the pace and extent of further interest rate cuts would depend on incoming economic data.
"We do not want an overheated economy. But we do want to see our economy reach the right temperature, which would certainly be hotter than it has been recently," he noted.
Flash figures published last month showed that the euro zone growth hit a two-year high of 0.4% in the third quarter of the year, which was more than expected.
— Sophie Kiderlin
Balance needs to be struck 'between ease of access to markets and investor protection,' FCA chief says
Nikhil Rathi, chief executive of the U.K.'s financial conduct authority, on Friday told CNBC that both investor protection and economic growth needed to be considered when it comes to economic policy and regulation.
"The central message of the chancellor [Rachel Reeves] was that her government's mission is to focus on growth and that that will only be delivered if everybody who's part of the system pulls in the same direction," he said, noting that this included regulators like the FCA.
Chancellor Rachel Reeves in her speech on Thursday night also pointed out the importance of discussing risk, and the role of taking risks when it comes to promoting growth and innovation, Rathi said.
The FCA has made reforms to its listing rules and capital markets regulations to make it easier for companies to raise capital and make acquisitions, and changes would also be made to the FCA's prospectus regime, he explained.
"Now that does come with a increased level of risk. And there are balances to strike there between ease of access to markets and investor protection. We believe the new balance is important but we've also been clear all the way through that that may mean more failures along the way and that's part of a economy risk appetite that we need for growth," Rathi said.
— Sophie Kiderlin
Stocks open lower, on pace for losing week
Stocks opened lower on Friday and were on pace to end the week in the red, as the postelection rally failed to recover.
The S&P 500 fell 0.63% while the Nasdaq Composite slipped 0.98%. The Dow Jones Industrial Average pulled back 113 points, or 0.25%.
— Brian Evans
Important for interest rates to demonstrate a stable pattern, says Aegon CEO
No 'game changers' in Reeves' reforms, former BOE deputy governor says
Former deputy governor of the Bank of England John Gieve said neither financial services deregulation nor pension reforms look like "game changers" for the U.K. economy.
"I think she's going to have to do some bigger things to try to boost private investment," Gieve told CNBC on Friday, citing planning and infrastructure projects as areas requiring attention.
U.K. Finance Minister Rachel Reeves announced the reforms Thursday evening, during her flagship Mansion House speech, in the latest in a slew of changes aimed at getting the economy growing again.
It comes as the U.K. economy inched up by a slight 0.1% in the third quarter, fresh data showed Friday.
— Karen Gilchrist
Alibaba shares rise 3% in premarket after profit jump
Chinese e-commerce behemoth Alibaba on Friday beat profit expectations in its September quarter, citing an acceleration in growth in its cloud business unit.
Net income came in 43.9 billion Chinese yuan ($6.07 billion), compared with a LSEG outlook of 25.83 billion yuan.
Revenue reached 236.5 billion yuan ($32.72 billion), versus an analyst forecast of 238.9 billion yuan, according to LSEG data.
The company's New York-listed shares have gained ground this year to date, up almost 17% as of Friday. The stock was up 3% in premarket trading at 11:43 a.m. London time, after the release of the quarterly earnings.
— Ruxandra Iordache
Stocks on the move: Bavarian Nordic plunges 16.5%; Alstom climbs 5.6%
Shares of Bavarian Nordic plunged to the bottom of the Stoxx 600, shedding 16.5%, after it reported an annual dip in revenues up to the third quarter amid volatile demand for its mpox vaccine.
On the other end, French train maker Alstom climbed 5.6% after reporting sold financial results and confirming its full-year outlook earlier this week.
— Karen Gilchrist
Health care stocks slide after Trump's health pick
Health care stocks shed 2.02%, tracking wider falls for pharmaceutical companies as investors weighed President-election Donald Trump's nomination of Robert F. Kennedy Jr. to lead the Department of Health and Human Services.
Shares of AstraZeneca, GSK, Sanofi and Convatec all fell more than 2.7% on concerns about how Kennedy, a vaccine skeptic and conspiracy theorist, could alter health policy.
Bavarian Nordic plunged 16.5%, as a mixed earnings report also weighed on the stock.
— Karen Gilchrist
European stocks sink at the open
European markets opened lower Friday, as investors assessed fresh economic data and the future path for interest rate cuts following hawkish comments from U.S. Federal Reserve Chair Jerome Powell.
The pan-European Stoxx 600 fell 0.8% in early deals, with all major bourses and almost all sectors sinking into the red.
Health care stocks shed 1.72%, tracking wider falls for global vaccine makers, as investors weighed President-election Donald Trump's nomination of Robert F. Kennedy Jr. to lead the Department of Health and Human Services.
Tech stocks also fell 1.36% while utilities were a sole outlier, up 0.06%.
— Karen Gilchrist
Aegon raises target after third-quarter beat
Dutch insurer Aegon raised its full-year capital generation target Friday after reporting better-than-expected results in its U.S. business.
Third-quarter operating capital generation, excluding allowances, came in at 336 million euros ($354.8 billion). Analysts polled by the company had expected a print of 296 million euros, according to Reuters.
Aegon, which is targeting growth in the U.S., said it now expects full-year capital generation of around 1.2 billion euros, versus the 1.1 billion euros previously forecast.
— Karen Gilchrist
Reeves 'not satisfied' with UK economic growth
U.K. Finance Minister Rachel Reeves said Friday that she was "not satisfied" with Britain's economic growth, as she responded to the latest data out earlier in the session, which showed gross domestic product (GDP) inched up 0.1% in the third quarter.
The reading covers a period of significant uncertainty as the U.K., with the government accused of talking down the economy as investors and consumers awaited Reeves' Oct. 30 budget.
"Improving economic growth is at the heart of everything I am seeking to achieve, which is why I am not satisfied with these numbers," Reeves said, adding that her budget — which included huge tax rises and increased spending — would seek to spur growth.
Joe Nellis, economic adviser at MHA, said that while the U.K. economy remained anemic, it appeared to be "slowly moving forwards on the road to recovery."
"What is more unclear is the effect that increased government spending and investment will have on growth. While the Chancellor has announced a wave of public sector investment initiatives to boost growth, the Government's long-term approach – which is a sound strategy – may mean that we must wait longer to see any catalysing effects on the economy," he added on Friday.
— Karen Gilchrist
UK economy grows 0.1% in the third quarter, below expectations
The U.K. economy expanded by 0.1% in the third quarter of the year, the Office for National Statistics said Friday.
That was below the expectations of economists polled by Reuters who forecast 0.2% gross domestic product growth on the previous three months of the year.
It comes after inflation in the U.K. fell sharply to 1.7% in September, dipping below the Bank of England's 2% target for the first time since April 2021. The fall in inflation helped pave the way for the central bank to cut rates by 25 basis points on Nov. 7, bringing its key rate to 4.75%.
— April Roach
Further UK tax rises likely if the economy doesn't get moving, economist says
The U.K. could face further tax rises if the government doesn't get the economy moving, ING economist James Smith said Friday, after Labour announced its latest growth-driving reforms.
Finance Minister Rachel Reeves on Thursday revealed a slew of financial reforms, including easing regulation and boosting pension funds, as part of wider plans to spur growth and investment. It comes weeks after Reeves announced major changes to the country's debt rules in her bumper tax-rising budget.
However, Smith said it will be critical for those reforms to bear fruit and boost growth if the country is to avoid further tax rises ahead.
"The risk really for Labour is … if they don't get the economy moving quickly enough, I think we're looking at more tax rises again," Smith said.
— Karen Gilchrist
CNBC Pro: Citi says this Korean stock is a 'unique direct' beneficiary of Nvidia's new AI chip, giving it 40% upside
Citi says a South Korean firm will be a significant beneficiary of Nvidia's next generation of AI chips and expects its stock to rise by more than 40% in the next 12 months.
The Wall Street bank added that the company's AI-related revenue could rise by 90% next year.
CNBC Pro subscribers can read more about the stock here.
— Ganesh Rao
CNBC Pro: Wealth manager sends 'bond vigilante' warning — and reveals his stock picks
As investors mull over how to play the market following the U.S. election result, Sanders Morris' George Bull reveals what he is looking out for right now.
"The postelection rally was frenetic and may have been too much too soon. But, it did show that investors have confidence that the business community and earnings will be strong under a [Donald] Trump administration," the chairman at the U.S.-headquartered wealth management firm said.
However, he warned that there was "schizophrenia" in the bond market, which could "fuel indecision and some correction" in the stock markets. Stocks are often rattled when Treasury yields surge, particularly growth stocks as higher yields can hurt their expected future earnings.
Against this backdrop, the wealth manager revealed where - and how - he is playing the market.
CNBC Pro subscribers can read more here.
— Amala Balakrishner
