Open and close, stocks, data, earnings and news

Danish hearing aid manufacturer GN store north It fell more than 7.5 percent to the bottom of the Stoxx 600 in afternoon trade.

Swedish Financial Services Corporation north net It also fell 7% after releasing monthly data for September.

– Elliott Smith

Edmund Harriss, Head of Investment, Asia and Emerging Markets, Guinness Global Investors discusses market behavior and consumer demand in the face of a challenging business environment.

Business activity in the euro zone fell more than expected last month, raising the prospect of a recession for the 19 common currency bloc.

S&P Global’s final Eurozone Composite Purchasing Managers’ Index (PMI), seen as a reliable gauge of the economy’s health, fell to a 20-month low of 48.1 in September from 48.9 in August, below initial estimates 48.2. Any reading below 50 indicates contraction.

– Elliott Smith

Swedish Financial Services Corporation Keep and north net They were down 5% and 6% in morning trade after the release of monthly data for September.

At the top of the Stoxx 600, German chipmakers Infineon up 4%.

More German companies plan to raise prices in the coming month, according to a new survey by the Ifo Institute published on Wednesday.

The economy-wide price forecast for the month ahead reached 53.5 in September, up from a seasonally adjusted 48.1 in August. The food price index rose to a full 100 points from 96.9 in August.

“Unfortunately, this may mean that the inflation wave will not subside,” said Timo Wollmershäuser, head of forecasting at Ifo.

“Especially in gas and electricity, the price pipeline is not exhausted.”

– Elliott Smith

Rising interest rates, soaring energy prices and political unrest in some parts of the world have battered stocks heading into the final quarter of the year.

To help investors navigate the volatility, Bank of America released its top “short-term stock recommendations” for the coming quarter, which they expect to outperform “significantly” their peers.

CNBC Pro subscribers can read their five stocks here.

— Ganesh Rao

One factor that may have helped stocks on Tuesday was a slight weakening in the U.S. dollar, which fell for a fifth straight day.

The DXY U.S. dollar currency index was down 1.5 percent at 110.06 in afternoon trade. The index was as high as 114.78 last week, amid fears of a malfunction in the UK government bond market.

Both the pound and the euro traded above 1% against the dollar on Tuesday. The dollar also fell against the yen.

–Jesse Pound, Gina Francola

Market veteran Phil Brancato, whose firm has more than $4 billion in assets under management, said he expects next week to be a “better week” for the market.

Investors should take the opportunity to “jump into the market,” he said, citing two stocks to capitalize on future gains.

Professional subscribers can read more here.

— Xavier Ong

Stocks are likely to rise further after two days of sharp gains this week, said Barry Bannister, chief equity strategist at Stifel.

“I don’t think you need to worry about a recession until the second half of ’23,” Stifel chief equity strategist Barry Bannister said Tuesday on CNBC’s “Closing Bell: Overtime.” “So, going into early next year, there is still room for a rebound.”

The strategist said there could be a “conditional pause” in the December meeting as the Fed reviews the impact of its rate hike plans on inflation.

“The leading indicators of inflation are all down, and global liquidity has tightened quite a bit. They don’t want to kill the sick to cure the disease,” Bannister said. “If the data continues to go their way, the pause will continue, if the data doesn’t go their way, they will rise again and we will immediately fall back.”

— Sarah Min

Morgan Stanley said a sustainable market bottom is unlikely unless three conditions are met.

“We… remind readers that the last few innings of each bear market can be very challenging as volatility becomes extreme,” they wrote. “The conditions we were looking for to end the bear market were not in place.”

Professional subscribers can read more here.

— Weizhen Tan

European stocks opened lower on Wednesday, bucking a positive trend in the previous session.

Britain’s FTSE is expected to open down 27 points to 7,059, Germany’s DAX is down 59 points to 12,606, France’s CAC 40 is down 25 points to 6,005 and Italy’s FTSE MIB is expected to drop 112 points to 21,426, according to IG.

Wednesday’s drop is expected to follow yesterday’s rebound in European markets, with pan-European Stoke 600 It closed up 3%. Travel and leisure stocks rose 6.1%, leading gains as all sectors and major exchanges moved into positive territory.

This GBP Gains after U.K. on Tuesday Government’s dramatic policy U-turn Yields on British sovereign bonds also eased after a sharp sell-off last week.

Data on Wednesday included the final euro zone purchasing managers’ index for September and German exports and imports for August. Proceeds come from Tesco and Bang & Olufsen.

— Holly Aryat