This is CNBC's live blog covering European markets.

European markets closed higher Friday, rounding off a largely negative week, as investors digested fresh U.K. economic data and a fall in U.S. wholesale inflation.

The Stoxx 600 index provisionally closed 0.77% higher, with most sectors trading in positive territory.

Retail stocks climbed 1.46% despite luxury British brand Burberry trading down 7% after the company issued a profit warning in response to slowing demand, sending other luxury lines lower in morning trade.

U.S. wholesale prices, measured in the producer price index, recorded an unexpected monthly decline of 0.1% in December. Prices were up 1% annually.

The U.S. consumer inflation report released Thursday had showed an increase in consumer prices of 0.3% on the month and 3.4% year on year, higher than forecast.

Meantime, fresh data Friday showed that the U.K. economy returned to growth in November, with gross domestic product beating expectations and expanding by 0.3%.

U.S. stocks slipped in morning trade.

In Asia, markets fell as China's annual exports dropped for the first time in seven years, but Japan stocks bucked the trend to extend their record rally.

Beer market isolated from supply chain woes, CEO says

The beer industry should prove resilient through looming supply chain challenges that look set to impact some markets, the chief executive of Budweiser owner AB InBev
said Friday.

Beer has a "characteristic as a category that is incredible, which is beer is local," Michel Doukeris told CNBC's Arabile Gumede.

Read the full story here.

Dimon cautions that inflation could be 'stickier' and rates higher

JPMorgan Chase CEO Jamie Dimon on Friday warned about the longer-term trend for inflation and market expectations for interest rates.

Dimon noted that U.S. economic growth is being fueled by "large amounts of government deficit spending and past stimulus."

"There is also an ongoing need for increased spending due to the green economy, the restructuring of global supply chains, higher military spending and rising healthcare costs," he said in a statement issued with the bank's fourth-quarter earnings release. "This may lead inflation to be stickier and rates to be higher than markets expect."

In addition, the head of the largest U.S. bank by assets criticized new global rules for the industry known as "Basel Endgame" and said said JPMorgan is taking a "cautious" approach in 2024 due to an array of potential trouble signs such as wars in Ukraine and Middle East and monetary tightening from the Federal Reserve.

—Jeff Cox

U.S. stocks open slightly higher on Friday

The S&P 500 gained 0.3% at the open, while the Dow Jones Industrial Average added 59 points, or nearly 0.2%. The Nasdaq Composite advanced about 0.3%.

— Pia Singh

Stocks on the move: Burberry down 12% as luxury stocks fall

British luxury brand Burberry plunged to the bottom of the Stoxx 600, down 12%, after issuing a profit warning in response to slowing demand.

The share price was briefly on track for its biggest one day loss since 2012. The announcement dragged down other luxury lines including Kering, LVMH and Christian Dior.

The stock rebounded slightly after the market open to trade down 7% by 8:30 a.m. London time.

— Karen Gilchrist

UK economy grows 0.3% in November

The U.K. economy returned to growth in November, with gross domestic product expanding by 0.3%, fresh data from the Office for National Statistics showed Friday.

That's slightly stronger than the 0.2% growth which economists expected and follows a 0.3% contraction in October.

The uptick was primarily driven by the services sector, which rose by 0.4% during the month, and was the biggest contributor to economic growth.

However, GDP shrank 0.2% in the three months from September to November, more than the 0.1% predicted, the data showed.

— Karen Gilchrist

CNBC Pro: TSMC and more: Goldman Sachs loves these Asian tech stocks, giving one 37% upside

Many investors have been bullish on technology stocks over the past few months, and Goldman Sachs is no exception.

The investment bank highlighted opportunities in the Asian tech hardware industry, citing "focal points" for 2024, such as cyclical recovery, artificial intelligence and the impact of geopolitical conditions, including changes in the semiconductor supply chain.

"While we expect a very modest cyclical recovery as a whole, we continue to look for opportunities among individual stocks," Goldman Sachs' analysts, led by Daiki Takayama, wrote in the note, naming buy-rated names, including four conviction list stocks to play the theme.

The bank's conviction list comprises its top buy-rated stock ideas that are expected to beat the market.

CNBC Pro subscribers can read more here.

— Amala Balakrishner

CNBC Pro: These European stocks are likely to outperform once rate cuts begin, BofA says

Investors are eagerly looking forward to rate cuts this year — the U.S. Federal Reserve signaled at least three, which would end an aggressive interest rate-hiking campaign for the last couple of years.

The question is when the first of the rate cuts will come.

BofA created a screen of which global companies might outperform as rates fall, and have "not yet rallied as strongly" as the average historical performance following the initial cut of the cycles.

It also screened for companies under scenarios such as whether the Fed cuts at a faster or slower pace than the European Central Bank — and vice versa.

CNBC Pro subscribers can read more here.

— Weizhen Tan

European markets: Here are the opening calls

European markets are set to open in positive territory Thursday.

The U.K.'s FTSE 100 index is expected to open 25 points higher at 7,673, Germany's DAX up 92 points at 16,783, France's CAC up 51 points at 7,470 and Italy's FTSE MIB up 164 points at 30,696, according to data from IG. 

— Karen Gilchrist