European stocks head for higher open as markets digest Fed minutes

This is CNBC's live blog covering European markets.

European stocks are heading for a positive open Wednesday as markets digest the latest minutes from the U.S. Federal Reserve's Oct. 31 meeting.

They revealed that policy officials maintained that monetary policy has to be restrictive and that they have little appetite for rate cuts.

"In discussing the policy outlook, participants continued to judge that it was critical that the stance of monetary policy be kept sufficiently restrictive to return inflation to the Committee's 2 percent objective over time," the minutes said. The federal funds rate currently stands at 5.25%-5.5%.

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Asia-Pacific markets were mixed overnight, while Nasdaq 100 futures were lower Tuesday night, as Wall Street assessed chip giant Nvidia 's latest earnings .

CNBC Pro: As the hype around 'solid-state' EV batteries grows, UBS reveals the global stocks to play it

Investment bank UBS has identified and named the stocks set to benefit from the growth of next-generation 'solid-state' battery technology electric vehicles.

Solid-state batteries are seen as a potential breakthrough technology because they can store more energy than lithium-ion batteries and charge faster. While researchers have known about the technology for decades, commercialization on a large scale has not yet been possible.

CNBC Pro subscribers can read more about the UBS analyst stock picks here .

— Ganesh Rao

Oil settles flat as traders await OPEC meeting

Oil prices were largely unchanged Tuesday after rallying the past two sessions as traders await a meeting of the Organization of Petroleum Exporting Countries later this week.

The Brent crude contract for January rose 13 cents, or .16%, to settle at $82.45 a barrel Tuesday, while the West Texas Intermediate contract for January fell 6 cents, or .08%, to settle at $77.77 a barrel.

OPEC and its allies, OPEC+, will meet Sunday amid speculation that the group could implement deeper production cuts as oil prices have dropped significantly since September amid demand concerns.

A senior official at the International Energy Agency told Reuters Tuesday that global oil market will see a slight supply surplus in 2024 even if OPEC+ countries extend their current production cuts into next year.

- Spencer Kimball

CNBC Pro: These big names in retail could get hit by Temu's surging growth, Bank of America says

Explosive growth of Temu, the U.S. arm of Chinese e-commerce giant Pinduoduo , could spell trouble for some major retailers, according to Bank of America.

Consumers have welcomed Temu's rapid growth, but competitors are likely to lose market share and could see smaller profits in the near future.

The Wall Street bank named retailers that are vulnerable to the Chinese e-commerce app's rise — and those likely to be insulated from it.

CNBC Pro subscribers can read more here.

— Ganesh Rao

Fed gives no indication of rate cuts in latest minutes

The Federal Reserve released the minutes from its Oct. 31-Nov. 1 , which showed the central bank didn't give an indication of possible rate hikes coming.

"In discussing the policy outlook, participants continued to judge that it was critical that the stance of monetary policy be kept sufficiently restrictive to return inflation to the Committee's 2 percent objective over time," the minutes stated.

— Jeff Cox

CNBC Pro: Forget Big Tech? Fund manager names 6 lesser-known tech stocks to buy instead

Big Tech names have been getting a lot of love this year, with investors piling into the so-called Magnificent Seven stocks.

One portfolio manager, however, is shifting his focus to other tech players — particularly small mid-cap names.

"I would probably balance between large cap stocks and start to be more constructive on small mid-cap stocks by increasing my exposure to them," Karen Kharmandarian, senior portfolio manager at Thematics Asset Management, told CNBC Pro.

CNBC Pro subscribers can discover some of his favorite stocks here.

— Amala Balakrishner

European markets: Here are the opening calls

European markets are expected to open in flat to higher territory Wednesday.

The U.K.'s FTSE 100 index is expected to open 6 points higher at 7,483, Germany's DAX up 16 points at 15,920, France's CAC up 11 points at 7,237 and Italy's FTSE MIB up 37 points at 29,249, according to data from IG.

The U.K.'s Chancellor of the Exchequer Jeremy Hunt will deliver his "Autumn Statement" detailing the government's plans for the economy. Russia's producer price index data for October is set to be released. There are no major earnings Wednesday.

— Holly Ellyatt