European stocks tick higher as markets wind down for the holidays

Katrina Bishop

European markets opened higher Friday after ending in the red during the previous session.

The pan-European Stoxx 600 was up 0.25% by 9 a.m. London time. The FTSE 100 and Dax were both around 0.1% higher, while the Cac 40 was flat.

Trading is expected to be light on the last working day before the Christmas break. The U.K.’s London Stock Exchange is on a half day.

European markets

TICKER	COMPANY	PRICE	CHANGE	%CHANGE
.FTSE	FTSE 100	7478.17	8.89	0.12
.GDAXI	DAX	13934.92	20.85	0.15
.FCHI	CAC 40 Index	6521.68	3.71	0.06
.FTMIB	FTSE MIB	23835.25	21.95	0.09
.IBEX	IBEX 35 Idx	8296.5	24.4	0.29

A number of global stock markets fell on Thursday as hopes for a Santa Claus rally faded. The U.S.′ Dow Jones slid 1.05%, the S&P 500 fell 1.45% and the Nasdaq Composite closed down 2.18%.

U.S. stock futures were trading slightly higher early Friday. While in Asia-Pacific, shares were lower after Japan’s core inflation came in at its highest level in over 40 years.

Stoxx 600 trades up 0.2%

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:

Stoxx Europe 600 over the year to date Chart

— Katrina Bishop

What’s next for tech in 2023?

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

— Katrina Bishop

European markets: Here are the opening calls

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

TSMC in talks to build first chip plant in Europe: Financial Times

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

CNBC Pro: Tech fund manager backs these 2 software stocks will outperform in a recession

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.

— Ganesh Rao

The Federal Reserve’s favorite inflation gauge is due Friday

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 open flat

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

CNBC Pro: Buying Peloton and similar growth stocks is ‘absolute nonsense,’ says strategist

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