European markets set to open lower; UK GDP ticks up slightly

This is CNBC’s live blog covering European markets.European markets were set to open lower Friday, as investors looked ahead to fresh data and assessed the future path for interest rate cuts following hawkish comments from U.S. Federal Reserve Chair Jerome Powell.The U.K.’s FTSE 100 index was seen opening 13 points lower at 8,054, Germany’s DAX 39 points down to 19,210, France’s CAC lower 26 points at 7,283 and Italy’s FTSE MIB 129 points down to 33,966, according to IG data.The pan-European Stoxx 600 closed 1% higher in the previous session, as traders evaluated another busy earnings day, with British luxury house Burberry jumping 22% on strategic overhaul plans.On Friday, investors are looking ahead to fresh U.K. GDP data for insight into the state of the British economy — the first reading since the Labour government’s October budget announcement.Earning reports are also due from Aegon, Experian, Cepsa, among others.Across the Atlantic, speaking Thursday, Powell said that strong U.S. economic growth is allowing policymakers to take their time in deciding how far and how fast to lower interest rates.U.S. stock futures inched lower overnight as Wall Street continued to assess the comments and the future path of the post-election rally. Asia markets, meanwhile, were mixed during Friday’s session.UK economy grows 0.1% in the third quarter, below expectationsBloomberg | Bloomberg | Getty ImagesShoppers pass along the main high street in Whitstable, UK.The U.K. economy expanded by 0.1% in the third quarter of the year, the Office for National Statistics said Friday.That was below the expectations of economists polled by Reuters who forecast 0.2% gross domestic product growth on the previous three months of the year.It comes after inflation in the U.K. fell sharply to 1.7% in September, dipping below the Bank of England’s 2% target for the first time since April 2021. The fall in inflation helped pave the way for the central bank to cut rates by 25 basis points on Nov. 7, bringing its key rate to 4.75%.— April RoachFurther UK tax rises likely if the economy doesn’t get moving, economist saysThe U.K. could face further tax rises if the government doesn’t get the economy moving, ING economist James Smith said Friday, after Labour announced its latest growth-driving reforms.Finance Minister Rachel Reeves on Thursday revealed a slew of financial reforms, including easing regulation and boosting pension funds, as part of wider plans to spur growth and investment. It comes weeks after Reeves announced major changes to the country’s debt rules in her bumper tax-rising budget.However, Smith said it will be critical for those reforms to bear fruit and boost growth if the country is to avoid further tax rises ahead.“The risk really for Labour is ... if they don’t get the economy moving quickly enough, I think we’re looking at more tax rises again,” Smith said.— Karen GilchristCNBC Pro: Citi says this Korean stock is a ‘unique direct’ beneficiary of Nvidia’s new AI chip, giving it 40% upsideCiti says a South Korean firm will be a significant beneficiary of Nvidia‘s next generation of AI chips and expects its stock to rise by more than 40% in the next 12 months.The Wall Street bank added that the company’s AI-related revenue could rise by 90% next year.CNBC Pro subscribers can read more about the stock here.— Ganesh RaoCNBC Pro: Wealth manager sends ‘bond vigilante’ warning — and reveals his stock picksAs investors mull over how to play the market following the U.S. election result, Sanders Morris’ George Bull reveals what he is looking out for right now.“The postelection rally was frenetic and may have been too much too soon. But, it did show that investors have confidence that the business community and earnings will be strong under a [Donald] Trump administration,” the chairman at the U.S.-headquartered wealth management firm said.However, he warned that there was “schizophrenia” in the bond market, which could “fuel indecision and some correction” in the stock markets. Stocks are often rattled when Treasury yields surge, particularly growth stocks as higher yields can hurt their expected future earnings.Against this backdrop, the wealth manager revealed where – and how – he is playing the market.CNBC Pro subscribers can read more here.— Amala Balakrishner

This is CNBC's live blog covering European markets. European markets were set to open lower Friday, as investors looked ahead to fresh data and assessed the future path for interest rate cuts following hawkish comments from U.S.

Federal Reserve Chair Jerome Powell. The U.K.

's FTSE 100 index was seen opening 13 points lower at 8,054, Germany's DAX 39 points down to 19,210, France's CAC lower 26 points at 7,283 and Italy's FTSE MIB 129 points down to 33,966, according to IG data. The pan-European Stoxx 600 closed 1% higher in the previous session, as traders evaluated another busy earnings day, with British luxury house Burberry jumping 22% on strategic overhaul plans. On Friday, investors are looking ahead to fresh U.

K. GDP data for insight into the state of the British economy — the first reading since the Labour government's October budget announcement. Earning reports are also due from Aegon , Experian , Cepsa, among others.

Across the Atlantic, speaking Thursday, Powell said that strong U.S. economic growth is allowing policymakers to take their time in deciding how far and how fast to lower interest rates.

U.S. stock futures inched lower overnight as Wall Street continued to assess the comments and the future path of the post-election rally.

Asia markets , meanwhile, were mixed during Friday's session. UK economy grows 0.1% in the third quarter, below expectations The U.

K. economy expanded by 0.1% in the third quarter of the year, the Office for National Statistics said.