European Markets Head for Higher Open as Global Markets Rally

European Markets Head for Higher Open as Global Markets Rally

This is CNBC’s live blog covering European markets.

European stocks are heading for a higher open on Tuesday, building on gains seen in yesterday’s trading session.

The U.K.’s FTSE index is expected to open 30 points higher at 6,934, Germany’s DAX 126 points higher at 12,324, France’s CAC 40 up 58 points at 5,850 and Italy’s FTSE MIB 245 points higher at 21,043, according to data from IG.

The higher open expected in Europe comes after a rebound on Wall Street Monday. There, stocks rallied to start the new month and quarter on a positive note, as Treasury yields eased from levels not seen in roughly a decade. It was the best day since June 24 for the Dow, and the S&P 500′s the best day since July 27.

U.S. stock futures rose overnight, while Asia-Pacific shares also traded higher on Tuesday, bolstered by the rally on Wall Street.

CNBC Pro: Want a ‘defensive move’ with up to 5% return? Buy this fund, says strategist

It’s been a volatile year for both stocks and bonds, with major Wall Street indexes just ending their worst month since March 2020, and Treasury yields remaining elevated.

However David Dietze, chief investment strategist at Point View Wealth Management, says “pockets of opportunity” still exist.

“Short-term defensive measures probably are warranted,” Dietze told CNBC’s “Street Signs Asia” on Monday, and named his favorite fund to play the market right now.

Pro subscribers can read more here.

— Weizhen Tan

Watch fourth quarter earnings guidance more than third quarter actual numbers, S&P Global says

Fourth quarter earnings forecasts companies give when reporting third quarter results will be far more important to the market’s future direction than the actual third quarter numbers themselves, S&P Global believes.

“October brings earnings, with Q3 estimates already declining 7%, and the whisper numbers a bit more than that,” Howard Silverblatt, senior index analyst wrote over the weekend. “The larger concern (than the actual numbers for Q3, when consumers were still spending) is the guidance for Q4, as consumers have pulled back, inflation continues and the Fed’s `adjustments’ will have a more substantial impact.”

Third quarter earnings for the S&P 500 are projected by analysts to grow 6.1% compared with the same quarter a year ago, and almost 18% over the second quarter of 2022, S&P Global said.

Next year’s estimates call for a 14.3% earnings growth over 2022, and a corresponding forward P/E ratio of 15.0.

Silverblatt also looked at typical performance for the S&P 500 in the month of October. “Historically, the index posts gains 57.4% of the time, with an average gain of 4.18% for the up months, a 4.67% average decrease for the down months and an overall average decrease of 0.46%,” he wrote.

— Scott Schnipper

CNBC Pro: Here’s what’s next for stocks, according to Wall Street pros

September is finally behind us, much to the relief of many equity investors who endured a difficult month, with all major U.S. indexes posted steep losses.

With a historically weak month now firmly in the rearview mirror, what is the outlook for stocks as we enter into the fourth quarter of the year?

CNBC Pro combed through the research to find out what Wall Street thinks.

Pro subscribers can read more here.

— Zavier Ong

European markets: Here are the opening calls

European stocks are heading for a lower open on Monday as markets enter the last quarter of the year.

The U.K.’s FTSE index is expected to open 73 points lower at 6,825, Germany’s DAX 202 points lower at 11,897, France’s CAC 40 down 94 points at 5,663 and Italy’s FTSE MIB 292 points lower at 20,182, according to data from IG.

The lower open expected in Europe this morning comes after a volatile trading session in Asia-Pacific markets. Brent crude futures and West Texas Intermediate futures jumped after reports that OPEC+ is considering an oil output cut of more than a million barrels per day, citing sources.

Such a move would be the biggest taken by the organization to address weakness in global demand.

— Holly Ellyatt

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