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European stocks close mixed with earnings in focus; Deutsche Bank up 8%

FILE - Illustration shows the logo of Deutsche Bank Brussels
Nicolas Maeterlinck | Afp | Getty Images

This is CNBC's live blog covering European markets.

European markets closed mixed Wednesday amid a slew of earnings both in the U.S. and Europe.

The pan-European Stoxx 600 index ended little changed from the previous session, with sectors pointing in opposite directions. Mining stocks rose 0.9% to lead gains, while retail stocks fell 1.3%.

Deutsche Bank shares provisionally ended over 8% higher. Germany's biggest lender on Wednesday reported a third-quarter net profit of 1.031 billion euros ($1.06 billion), beating expectations despite an 8% fall on the previous year and ongoing struggles in the lender's investment unit.

Banking stocks fell Tuesday as Barclays warned of cost-cutting charges.

Earnings are also out from Heineken, AkzoNobel, Lloyds Banking Group and Carrefour. In the U.S. last night, shares of Microsoft jumped after stronger-than-expected results in the fiscal first quarter, while Alphabet shares tumbled as its cloud business missed analysts' estimates.

In Asia-Pacific, markets were mixed as investors in the region assessed Australia's third-quarter inflation figures.

On Tuesday, European markets snapped a five-session losing streak, with traders digesting the latest euro zone business activity data.

Europe stocks close mixed

European stocks on Wednesday closed little changed from the previous session, amid a flurry of corporate earnings both in the U.S. and Europe.

The pan-European Stoxx 600 ended 0.04% higher, with sectors pointing in opposite directions.

— Sam Meredith

‘The U.S. consumer is walking towards a cliff’: Longview Economics CEO

Chris Watling, CEO at Longview Economics, discusses the outlook for the U.S. economy, saying there are "some real challenges coming for the U.S. consumer."

European Central Bank set to hold despite new inflationary pressures

European Central Bank President Christine Lagarde looks on as she attends the European Parliament's Committee on Economic and Monetary Affairs, at the European Parliament, in Brussels, Belgium September 25, 2023. 
Yves Herman | Reuters
European Central Bank President Christine Lagarde looks on as she attends the European Parliament's Committee on Economic and Monetary Affairs, at the European Parliament, in Brussels, Belgium September 25, 2023. 

The European Central Bank is expected to keep rates on hold when it meets this week in Athens.

Euro zone inflation in September declined to 4.3% from 5.2% in August.

That was faster than expected, but upside risks to inflation remain in wage rises and higher oil prices.

Read the full story here.

— Annette Weisbach

Credit environment worse than normal but not in period of stress, Deutsche Bank CFO says

Deutsche Bank CFO James Von Moltke discusses the German lender's third-quarter results and the market environment.

Kering shares dip 3% to 2020 low amid mixed picture for luxury

Kering shares were 3% lower — their lowest level since March 2020, according to LSEG data, after the French luxury group reported a worse-than-expected 9% decline in sales for the third quarter.

Revenue fell 13% to 4.46 billion euros ($4.72 billion).

CEO François-Henri Pinault said there had been "softening demand across the luxury industry."

The sector faces concerns over slower consumer spending, particularly in China and the United States.

Industry juggernaut LVMH reported a fall in revenue growth earlier this month, though Hermès shares gained Wednesday after it beat analyst estimates.

— Jenni Reid

CNBC Pro: Rising yields and war: Here's how to trade the volatility, according to fund managers

Market volatility looks here to stay: Yields are still rising, a war is raging, and it's uncertain whether interest rates will stay higher for longer.

Here's how portfolio managers are investing right now — from bonds to defense stocks and international equities.

CNBC Pro subscribers can read more here.

— Weizhen Tan

CNBC Pro: Investors should 'buy the dip' in Nvidia shares, Itau BBA analysts say

Shares of chipmaker Nvidia fell sharply earlier this month after the U.S. government announced new restrictions on exporting advanced artificial intelligence chips to China.

However, analysts at Itau BBA say the selloff presents a buying opportunity for investors.

CNBC Pro subscribers can read more about their bullish view here.

— Ganesh Rao

European markets: Here are the opening calls

European markets are expected to open lower on Wednesday.

The U.K.'s FTSE 100 index is expected to open 4 points lower at 7,382, Germany's DAX down 9 points at 14,861, and France's CAC down 21 points at 6,868, according to data from IG. 

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