European markets open for closing, earnings, data and news

Expect the unexpected with gas prices, says EDP . CEO

We should “expect the unexpected” when it comes to gas prices according to Miguel Stiluel Dandrade, CEO of Portuguese electric utility company EDP.

Stilwell d’Andrade made the comments on CNBC’s “Squawk Box Europe” while discussing third-quarter results from the EDP and the turbulent energy market.

OMV shares rose 10% as third-quarter profit nearly doubled

OMV share prices rose 10.1% on the news that earnings of the Austrian oil, gas and chemical company were better than expected in the third quarter.

OMV recorded growth of about 96% year-on-year, with operating profit of 3.52 billion euros ($3.5 billion), as reported by Reuters.

The skyrocketing oil and gas prices helped drive this increase.

– Hannah Ward Glinton

German economy records unexpected growth in the third quarter

The German economy grew in the third quarter contrary to expectations.

Gross domestic product rose 0.3% from the previous quarter, despite the country’s handling of rising inflation and energy concerns.

A Reuters poll had forecast a 0.2 percent contraction.

– Hannah Ward Glinton

NatWest down 7% after reporting flat third-quarter results

natwest It fell 7% after reporting flat results for the third quarter.

The Bank of England reported a profit of 1.1 billion pounds ($1.3 billion), which was less than analysts’ expectations.

Natwest has set aside an additional £247 million to reflect the difficult economic outlook in the UK, which has consumed profits.

– Hannah Ward Glinton

Bank of America CEO says we’re seeing ‘relieving growth’, not slowing

Watch the full CNBC interview with Bank of America CEO Brian Moynihan

Coming soon: Bank of America CEO Brian Moynihan live on ‘Squawk Box Europe’

American bank CEO Brian Moynihan will be giving an exclusive live interview to CNBC’s ‘Squawk Box Europe’ at 8.00am London time.

The bank released its third-quarter earnings on October 17 and confirmed that the resilience of the US consumer was a reason to reduce concerns about an economic recession.

You can watch the interview Live on CNBC here.

– Hannah Ward Glinton

European markets: here are the opening calls

The FTSE 100 is expected to fall 32 points to 7039 and the German DAX 67 points at 13,155, according to data from IG. The CAC will drop 25 points to open at 6,226 and the Italian MIB will drop 89 points at 22,347 points.

CNBC Pro: Tech stocks are falling but one fund manager still loves Microsoft. Here’s why

Technology stocks fell this week, as investor optimism faded after disappointing results from some of the biggest names in the sector.

But fund manager Brian Arkis stands ready MicrosoftHe described it as “strong, long-term defensive control.”

Professional subscribers can Read more here.

– Xavier Ong

CNBC Pro: There is a lot of suffering for the markets, warns the strategist

Investors should think twice before chasing the recent bounce in stocks, according to one strategist.

“I think the market rally is a breathing rebound,” Pete Whitman, chairman of Swiss company Porta Advisors, told CNBC.

CNBC Pro subscribers can read more here.

Jenny Reed

Chip stocks drop after a US official says allies may impose restrictions on Chinese exports soon

Bank of Japan keeps interest rates as expected

The Bank of Japan left interest rates without change Friday, in line with forecasts by economists in a Reuters poll.

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The Bank of Japan also said it would buy the necessary quantities of JGBs at a fixed rate in order to keep the 10-year JGB yields at 0%.

“The bank will support financing, especially for businesses, maintain stability in financial markets, and will not hesitate to take additional easing measures if necessary,” the bank said in its monetary policy statement.

– Jie Lee

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