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Russia keeps interest rates unchanged, ending months of cuts

MOSCOW, Russia: Russia’s central bank cut its key rate by 300 basis points for the third time since its emergency hike in late February, citing cooling inflation and a rallying ruble.

KIRILL Kudryavtsev | AFP | Getty Images

Russia’s central bank kept its interest rate unchanged at 7.5%, citing inflationary expectations and geopolitical uncertainty following the “partial mobilization” of Russian troops in Ukraine and the prospect of a protracted conflict.

The decision to hold the interest rate on hold ended a months-long cycle of cuts that began in April. The central bank more than doubled rates to 20% shortly after Russia invaded Ukraine to counter the ruble’s fall.

The central bank has cut rates six times since then, reaching the pre-war interest rate of 9.5% in June, citing improving fiscal conditions and falling inflation. While inflation is still well above the bank’s 4% target of 13.7% in September, it has fallen significantly from the 20-year high of 20.37% hit in April as Western sanctions and foreign exchange freezes set in.

The decision to hold rates at 7.5% was expected by a majority of analysts polled by Reuters, the news agency reported.

—Natasha Turak

Expect the unexpected with gasoline prices, says EDP CEO

According to Miguel Stilwell d’Andrade, CEO of Portuguese electricity utility company EDP, “expect the unexpected” when it comes to gas prices.

Andrade’s Stilwell made the comments on CNBC’s “Squawk Box Europe” while discussing EDP’s third quarter results and energy market turmoil.

OMV shares gain 10% as third-quarter earnings nearly double

Shares of OMV rose 10.1% on news that the Austrian oil, gas and chemicals company’s earnings were better than expected in the third quarter.

OMV posted about 96% year-on-year growth, with operating profit of 3.52 billion euros ($3.5 billion), as reported by Reuters.

Soaring oil and gas prices contributed to the increase.

—Hannah Ward-Glenton

German economy shows unexpected growth in third quarter

The German economy grew in the third quarter, contrary to expectations.

Gross domestic product rose 0.3% from the previous quarter, despite the fight against high inflation and energy problems.

A Reuters poll had forecast a contraction of 0.2%.

—Hannah Ward-Glenton

Natwest down 7% after reporting flat third-quarter results

natwest is down 7% after posting flat third-quarter results.

The British bank reported a profit of £1.1 billion ($1.3 billion), narrowly missing analysts’ forecasts.

Natwest has set aside an additional £247m to reflect the tough economic outlook in the UK, which has eaten away at profits.

—Hannah Ward-Glenton

We’re seeing ‘growth dampening’, not slowing, says Bank of America CEO

Bank of America CEO Brian Moynihan said we are seeing “growth dampening” rather than a slowdown in an exclusive interview with “Squawk Box Europe.”

Watch CNBC's full interview with Bank of America CEO Brian Moynihan

Coming soon: Bank of America CEO Brian Moynihan live on “Squawk Box Europe”

Bank of America CEO Brian Moynihan will give an exclusive live interview on CNBC’s “Squawk Box Europe” at 8am London time.

The bank released its third-quarter results on Oct. 17 and pointed to the resilience of the U.S. consumer as a reason to reduce fears of an economic recession.

You can watch the interview live on CNBC here.

—Hannah Ward-Glenton

European markets: here are the opening calls

The FTSE 100 is expected to fall 32 points to 7,039 and the German DAX 67 points to 13,155, according to data from IG. The CAC will be down 25 points to open at 6,226 and the Italian MIB will be down 89 points at 22,347.

CNBC Pro: Tech stocks are falling, but a fund manager still likes Microsoft. here’s why

Tech stocks have fallen this week as investor optimism fades following disappointing results from some of the biggest names in the industry.

But fund manager Brian Arcese is ready Microsoftcalling it a “strong long-term defensive position”.

Pro subscribers can find out more here.

— Zavier Ong

CNBC Pro: There’s a lot of pain ahead for markets, strategist warns

Investors should think twice before continuing the recent rebound in stocks, says a strategist.

“I think the market rally is a respite rally,” Beat Wittmann, president of Porta Advisors in Switzerland, told CNBC.

CNBC Pro subscribers can learn more here.

Jenni Reid

Chip stocks plummet after US official says allies may soon impose export limits on China

Bank of Japan keeps rates unchanged as expected

Japan’s central bank left interest rates unchanged Friday, in line with economists’ predictions in a Reuters poll.

The Bank of Japan also said it would buy the necessary amounts of Japanese government bonds at a fixed rate to keep the 10-year JGB yields at 0%.

“The Bank will support financing, mainly to businesses, and maintain financial market stability, and will not hesitate to take additional easing measures if necessary,” it said in its monetary policy statement.

—Jihye Lee

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