European markets head for lower open while Davos steps up a gear

This is CNBC’s live blog covering European markets.

European stocks are heading for a lower open Tuesday as markets continue to focus on news and comments from the World Economic Forum in Davos, Switzerland.

The annual forum steps up a gear Tuesday with special addresses by Chinese Premier Li Qiang, European Commission President Ursula von der Leyen, U.S. National Security Advisor Jake Sullivan and Ukrainian President Volodymyr Zelenskyy.

At this year’s forum, titled “Rebuilding Trust,” global business and political leaders will meet in the Swiss ski resort to discuss pressing economic and geopolitical matters, ranging from inflation and supply chains to artificial intelligence, war and security challenges.

Asia-Pacific markets fell overnight, with Japanese stocks also halting their record-breaking rally since the start of the year.

U.S. stock futures were also lower Monday night as Wall Street awaits December retail sales data due Wednesday and bank earnings that will provide a better picture of the state of the American consumer.

CNBC Pro: Bank of America upgrades global wind energy stock after a brutal 2023 – and gives it 20% upside

Bank of America has upgraded a wind energy stock from “neutral” to “buy” citing an improved risk-reward profile.

The upgrade and price target boost come after the stock has already staged a recovery of more than 50% from its lows last year.

The Wall Street bank is also bullish on the stock after a series of negative headlines regarding project delays and cost overruns dented sentiment for the wind energy sector in 2023.

CNBC Pro subscribers can read more here.

— Ganesh Rao

CNBC Pro: Morgan Stanley picks global ‘alpha’ opportunities for January – giving one 50% upside

Asian markets may have had a rocky 2023, but those looking for pockets of opportunities in the region can look to Morgan Stanley’s selection of “alpha” stocks.

Alpha stocks are those with the ability to beat the market.

The stocks – which are from Asia Pacific ex-Japan – have a market capitalization of over $5 billion and were ranked on factors such as quality, value and sentiment, Morgan Stanley’s analysts wrote.

CNBC Pro subscribers can read about Morgan Stanley’s top 10 notable ideas here .

— Amala Balakrishner

European markets: Here are the opening calls

European markets are set to open in negative territory Tuesday.

The U.K.’s FTSE 100 index is expected to open 18 points lower at 7,561, Germany’s DAX down 76 points at 16,550, France’s CAC down 27 points at 7,383 and Italy’s FTSE MIB down 87 points at 30,300, according to data from IG. 

Germany’s ZEW survey of economic sentiment will be released, as will the country’s final inflation figure for December.

— Holly Ellyatt

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