This is CNBC's live blog covering European markets.

European equity markets closed slightly higher Thursday as investors assessed commentary from leading central bankers on the need to continue the fight against inflation.

The pan-European Stoxx 600 ended the day 0.1% higher, with retail stocks adding 1.8% to lead gains on the back of robust earnings from H&M, while travel and leisure stocks fell 0.7%.

H&M shares closed around 18% higher after the fashion retailer's second-quarter profit beat expectations. The Swedish company said third-quarter sales had also started strong.

Asia-Pacific markets closed mixed Thursday, whereas in the U.S. stocks were slightly higher as banks rose after passing the Federal Reserve's annual stress test.

Meanwhile, in a CNBC-moderated panel at the European Central Bank forum in Sintra, Portugal on Wednesday, ECB President Christine Lagarde, Bank of England Governor Andrew Bailey and Federal Reserve Chairman Jerome Powell vowed to push on despite growth risks.

Powell said there was "more restriction coming" and that "moving at consecutive meetings" was not off the table. He also said there was a "significant possibility that there will be a downturn," even if this was not the most likely scenario.

The Bank of England's Bailey said the U.K. economy was proving "more resilient" than he previously expected as he, too, stressed the central bank would do what was needed to bring down high U.K. inflation.

European markets close mixed

European equity markets closed mixed Thursday. Britain's FTSE 100 was down 0.4% at the end of the session, with Germany's DAX 0.1% lower. France's CAC ended the trading day up 0.4%, while Italy's MIB bucked the trend by gaining 1.05%.

— Hannah Ward-Glenton

Swedish krona falls to an all-time low after central bank hikes interest rates

Sweden's krona fell to a fresh record low of 0.0844 to the euro early afternoon after the central bank announced it would be hiking interest rates by 25 basis points.

The policy rate now sits at 3.75% and the Riksbank anticipates "at least one more" rate increase this year.

The currency had already fallen to an all-time low of 0.0846 earlier following the news, but extended losses later in the day.

The currency was trading around 0.0846 by 4 p.m. London time.

— Hannah Ward-Glenton

A.I. causing significant shift and strong momentum in cloud sector, says CEO

Michel Paulin, CEO at OVHcloud, discusses earnings, and explains the opportunities AI is providing for cloud technologies.

U.S. stocks open little changed

U.S. stocks opened little changed on Thursday, with all three major averages hovering near the flatline.

The S&P 500 and Nasdaq Composite dipped less than 0.05% each, while the Dow Jones Industrial Average added 13 points.

— Samantha Subin

Spanish inflation falls below ECB target to 1.9%

Spain's inflation rate fell to 1.9% year-on-year for June — its lowest since March 2021 — according to preliminary data from the country's National Statistics Institute.

Spain is the first major eurozone economy to get inflation below the European Central Bank's 2% target.

Analysts polled by Reuters had anticipated a decrease to 1.7%, but the figure is still well below the 3.2% figure recorded in May.

— Hannah Ward-Glenton

Stocks on the move in Europe: H&M up 16% on strong earnings, Renault up 6%

H&M shares surged more than 16% to lead the pan-European Stoxx 600 index by early afternoon after the Swedish fashion retailer posted stronger-than-expected profits for the March to May period, and said third-quarter sales had also started well.

British outsourcing company Serco jumped 10% after increasing its full-year revenue and profit forecasts.

French carmaker Renault climbed 6% after raising its 2023 outlook on the back of successful new launches, particularly the SUV Austral and Dacia Jogger models.

At the bottom of the European blue chip index, Spanish electric utility Endesa dropped 8.8%.

- Elliot Smith

Fed Chair Powell: U.S. bank failures highlight need for stronger regulation

Federal Reserve Chairman Jerome Powell said Thursday that the collapse of Silicon Valley Bank and two other mid-sized American banks earlier this year indicated a "need to strengthen our supervision and regulation of institutions of the size of SVB."

Speaking at a conference held by the Spanish central bank in Madrid, Powell suggested the stress in the banking system over the spring would have been "much more difficult to manage had the largest banks been undercapitalized or illiquid."

He also said the Fed is "very reluctant to say" if the banking crisis is over, adding that central bank policymakers' job is to "worry about things."

- Elliot Smith

European markets little changed at the open

The pan-European Stoxx 600 index hovered around the flatline shortly after markets opened, with retail stocks adding 1.2% to lead gains while travel and leisure stocks fell 0.5%.

- Elliot Smith

European markets: Here are the opening calls

Europe markets were set for a mixed open Thursday, according to data from ig.com.

The FTSE 100 was seen opening 3.8 points lower at 7496.7, while Germany's DAX was on course for a 6.5 point dip to 15,948.4, and Italy's FTSE MIB for a 26 point fall to 27,736. France's CAC was seen 2.8 points higher at 7,292.

— Jenni Reid

S&P 500 and Nasdaq Composite on pace for four straight months of gains

The S&P 500 and the Nasdaq Composite are about to end June with flying colors.

The broad-market index is up 4.7% this month, while the tech-heavy benchmark has a gain of more than 5%. That marks the fourth consecutive winning month for both averages. It's also the longest monthly streak of gains for both the S&P 500 and the Nasdaq Composite since 2021.

The tech sector boosted the S&P 500, rising 4.5% in June, but consumer discretionary also buoyed the index. That sector added 10.4%, courtesy of Carnival, Norwegian Cruise Line and Royal Caribbean. Each of the three travel stocks are on track for double-digit gains in June, according to FactSet.

The Nasdaq-100 is also on pace for a fourth straight winning month, up 4.9% in June. The index last accomplished this feat in 2020.

-Darla Mercado, Chris Hayes

CNBC Pro: These two globally competitive food delivery stocks will soar 120%, says RBC

Shares of two online food delivery companies are expected to soar by 120% over the next 12 months, according to RBC Capital.

The investment bank's analysts said the increasing cost of online food ordering was an indication of food delivery providers prioritizing profitability over growth, a change that makes sense considering the current trend of online ordering "normalizing".

CNBC Pro subscribers can read more here.

— Ganesh Rao

CNBC Pro: These stocks raised dividends for the last 5 years, with 2 offering more than 10% yield

While the inflation rate has begun to cool slightly, it could still prove to be stickier than expected.

CNBC Pro screened for stocks to beat those still-rising prices, with at least a 5% dividend yield, and further potential upside of more than 20%.

These five stocks showed up, two with more than 10% dividend yield.

CNBC Pro subscribers can read more here.

— Weizhen Tan

23 biggest banks passed the Fed's stress test

All 23 of the U.S. banks included in the Federal Reserve's annual stress test weathered a severe recession scenario while continuing to lend to consumers and corporations, the regulator said Wednesday.

The banks were able to maintain minimum capital levels, despite $541 billion in projected losses for the group, the Fed said in a release. Banks including JPMorgan Chase and Wells Fargo are expected to disclose updated plans for buybacks and dividends Friday after the close of regular trading.

— Hugh Son