European stocks log worst month since September 2022; BP slips 4%; euro zone inflation falls more than expected

Alexander Spatari | Moment | Getty Images

This is CNBC's live blog covering European markets.

European markets logged the worst monthly performance since September 2022 in October, despite making gains on the last day of the month, as investors assess a flurry of economic data and earnings.

The regional Stoxx 600 ended 0.6% higher, with sectors mostly higher. The index has shed more than 4% in October, according to LSEG data.

Oil and gas stocks were down 0.8% as BP's London-listed shares closed 4.5% lower after it missed third quarter estimates. Brewers AB InBev and Carlsberg both reported lower sales yet higher revenue for the period due to pricing offsets.

Euro zone inflation fell to a two-year low of 2.9% in October, preliminary data showed Tuesday. Economists polled by Reuters expected 3.1%.

Meanwhile, statistics agency Eurostat said the euro zone economy contracted by 0.1% in the third quarter, below a forecast of stagnation.

The readings come after the European Central Bank last week paused its record run of 10 consecutive interest rate hikes.

In Asia-Pacific markets, Japanese stocks ended higher after the Bank of Japan's monetary policy decision, while other regional markets fell as manufacturing activity unexpectedly contracted in China.

In the U.S. the S&P 500 was little changed , with stocks set to close out a dismal month that saw Treasury yields surge to multiyear highs. The broader index dipped 0.08%, while the Nasdaq Composite was down by 0.29%. The Dow Jones Industrial Average fell by 53 points, or 0.18%.

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Vodafone to sell Spanish operations for $5.3 billion

Telecoms group Vodafone announced Tuesday it has entered a binding agreement with Zegona Communications for the 5 billion euro ($5.3 billion) sale of its Spanish business.

The deal for 100% of Vodafone Spain comprises 4.1 billion euros in cash and up to 900 million euros in Redeemable Preference Shares, which allow the repayment of principal share capital to shareholders.

Vodafone CEO Margherita Della Valle said in a statement: "The sale of Vodafone Spain is a key step in right-sizing our portfolio for growth and will enable us to focus our resources in markets with sustainable structures and sufficient local scale."

Vodafone Group shares were 1% lower at 2:15 p.m. London time. Trading of Zegona Communications shares was suspended on Sept. 22.

— Jenni Reid

U.S. stocks dip

U.S. stocks declined in early trade Tuesday.

The Dow Jones Industrial Average fell by 87 points, or 0.2%. The S&P 500 declined 0.18% and the Nasdaq Composite was down by 0.6%.

Dollar index poised to see first losing month in 3

The dollar index is on track to end the month lower, marking its first losing month since July.

The index, which weighs the U.S. greenback against a basket of foreign currencies, has slipped 0.2% on the month. (Tuesday's close also marks the end of the October trading month.)

That would snap back-to-back wins seen in August and September, which saw respective gains of 1.7% and 2.5%. Before that, the index dropped 1% in July and 1.4% in June.

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Europe stocks open cautiously higher

European stocks had a mixed open, with the benchmark Stoxx 600 index initially flat before trading 0.24% higher by 8:20 a.m. London time.

The index is on course for a 4.24% decline in October, its worst monthly performance since September 2022, according to LSEG data.

Oil and gas stocks were the only sector in the red Tuesday, falling 1.26% after BP missed profit estimates.

— Jenni Reid

French economic growth slows

Francesco Riccardo Iacomino | Moment | Getty Images

French gross domestic product grew 0.1% in the third quarter, down from 0.6% growth in the second quarter.

Domestic demand, household consumption and gross fixed capital formation were areas of strength, while foreign trade dropped sharply, dragging on growth, the national statistics agency said.

— Jenni Reid

Yen weakens after Bank of Japan holds rates, increases flexibility on yield curve control

Japan's yen weakened after the country's central bank kept interest rates steady and said it will allow more flexibility in its yield curve control policy.

The Bank of Japan said the target level of the 10-year Japanese government bond yield will be held at 0%, but will take the upper bound of 1% "as a reference."

The news sent the yen down nearly 0.6% against the dollar, briefly breaching the 150 per dollar threshold.

The benchmark Nikkei 225 reversed earlier falls to rise 0.7%, while the Topix added 1.14%.

The BOJ also raised its inflation forecast for the next fiscal year, it now sees the core consumer price index rising 2.8%, above the 1.9% it predicted three months ago.

— Shreyashi Sanyal

CNBC Pro: Forget Big Tech. Bernstein likes these global stocks from an 'unloved' part of tech — and more

High interest rates are usually bad for tech stocks, and they're now a key macroeconomic risk for "expensive" ones in particular — but two parts of the sector are in a good position, according to Bernstein.

One of them is "the cheapest sector in terms of [price-to-sales ratio]," it said.

It also named its top picks and refreshed its screens of global tech stocks.

CNBC Pro subscribers can read more here.

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CNBC Pro: Is Meta a buy after the brutal tech sell-off? Here's what the pros are saying

Meta Platforms saw its shares caught up in a broad tech sell-off last week — but several analysts remain bullish.

Meta's stock fell 3.86% last week, although was trading over 2% higher Monday.

"I believe this tech sell off here, [when] we look back three, six months, I view this as more of a golden opportunity, not the time [for it] to head into hibernation mode," Dan Ives from Wedbush Securities told CNBC's "Squawk Box Asia" on Thursday, in the midst of the market downturn.

Other analysts also weighed in on the outlook for the stock.

CNBC Pro subscribers can read more here.

— Amala Balakrishner

European markets: Here are the opening calls

European markets are expected to open in mixed territory on Tuesday.

The U.K.'s FTSE 100 index is expected to open 3 points lower at 7,318, Germany's DAX up 18 points at 14,719, France's CAC up 2 points at 6,823 and Italy's FTSE MIB down 32 points at 27,190, according to data from IG. 

Key data releases in the region today include preliminary euro zone inflation data for October and gross domestic product for the third quarter.

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