This is CNBC's live blog covering European markets.

European stocks were mixed on Friday as investors assessed the latest release of euro zone inflation data.

The pan-European Stoxx 600 index was flat at around 10:05 a.m. London time, with sectors and major bourses pointing in opposite directions.

France's CAC 40 index rose 0.1% on Friday amid ongoing political turmoil. It comes shortly after the country's risk premium drew level with Greece's for the first time.

Euro zone inflation rose from 2% in October to 2.3% in November, flash data from statistics agency Eurostat showed on Friday, above the European Central Bank's 2% target.

Economists polled by Reuters had expected a 2.3% reading for headline inflation in November. It bolsters the case for a more cautious interest rate cut at the European Central Bank's next meeting on Dec. 12.

Separately, France's harmonized inflation rate came in at 1.7% in November, up slightly from 1.6% in October, according to preliminary data from the National Institute of Statistics and Economic Studies (Insee).

The November reading was in line with the expectations of economists surveyed by the Wall Street Journal.

Across the Atlantic, U.S. markets reopen for a shortened trading session after the Thanksgiving holiday.

Asia-Pacific markets mostly lost ground on Friday, led by losses in South Korean stocks, while strong inflation data from Tokyo boosted expectations of an imminent rate hike from the Bank of Japan.

Euro zone inflation rises to 2.3% in November

Euro zone inflation rose from 2% in October to 2.3% in November, flash data from statistics agency Eurostat showed on Friday, above the European Central Bank's 2% target.

Economists polled by Reuters had expected a 2.3% reading for headline inflation in November.

— Sam Meredith

ECB will consider 50-basis-point cut, but settle for a 25-basis-point reduction in December, economist says

Fabio Balboni, senior European economist at HSBC, told CNBC's "Squawk Box Europe" on Monday that the European Central Bank will likely discuss a 50-basis-point interest rate cut when it meets in December, but then implement a 25-basis-point reduction.

The ECB is next set to meet on Dec. 12, with markets widely pricing in a 25-basis-point cut to be announced then.

"I think we should remember that this is the ECB so they always move very, very slowly," Balboni said, explaining that at the last ECB meeting, the 25-basis-point reduction that was announced only started to be an option days before the meeting.

ECB President Christine Lagarde especially has been seeking consensus, Balboni pointed out, and to achieve this "you often have to move a little bit more slowly" than other central banks might.

"I think at the December meeting yes there will be some discussion on a 50-basis-point cut but in the end they'll settle for a 25-basis-point cut," he said, adding that there could however be some guidance about more aggressive rate cuts next year depending on economic growth data.

— Sophie Kiderlin

Gold prices rise

Gold prices rose on Friday, supported by a dip in the U.S. dollar and as mounting geopolitical tensions fueled safe-haven buying.

Spot gold traded up 0.8% to $2,660.99 per ounce as of 9:15 a.m. London time.

— Sam Meredith

Anglo American shares up 3%

Shares of British mining giant Anglo American rose around 3% on Friday after Jefferies raised its stock rating to buy from hold.

The firm's stock price is up nearly 25% year-to-date.

— Sam Meredith

European markets open lower

European markets opened slightly lower on Friday.

The pan-European Stoxx 600 index was 0.2% lower shortly after the opening bell, with most sectors in negative territory.

— Sam Meredith

France inflation stays below 2% in November

France's harmonized inflation rate came in at 1.7% in November, up slightly from 1.6% in October, according to preliminary data from the National Institute of Statistics and Economic Studies (Insee).

The November reading was in line with the expectations of economists surveyed by the Wall Street Journal and remains below the European Central Bank's 2% target.

The Harmonized Index of Consumer Prices (HICP) is adjusted for comparison with other euro zone countries.

Flash euro zone inflation data for November is expected later in the session.

— Sam Meredith

Britain's Aviva reportedly contacts Direct Line shareholders

British insurance firm Aviva has contacted shareholders of Direct Line, The Financial Times reported on Thursday, citing people familiar with the move. The approach could pave the way for a hostile takeover attempt.

Aviva declined to comment on the report.

It comes shortly after Direct Line dismissed Aviva's cash and share offer as "highly opportunistic" and said the proposal "substantially undervalued" the company. Aviva said it submitted an offer for its smaller rival on Nov. 19.

Shares of Direct Line soared 41% in the previous session, notching their highest level since 2023.

— Sam Meredith

CNBC Pro: 7 stocks to buy before the year-end, according to the pros

As investors prepare their portfolios for 2025, Wall Street's finest have identified several European companies they believe offer significant growth potential despite market uncertainties.

Morgan Stanley downgraded European equities to neutral earlier this year. Yet, they suggest "Europe is a stock picker's market" now since equities on the continent have begun to diverge from each other in terms of performance.

Meanwhile, investment firm Bernstein's top 10 picks outperformed the MSCI Europe Small index by 5 percentage points since the end of October.

CNBC Pro subscribers can read more here.

— Ganesh Rao

How to 'tariff-hedge' your European portfolio, according to TS Lombard

As Europe faces the prospect of tariffs on its exports to the United States, TS Lombard has advised investors in the region on how to "tariff-hedge" their portfolios.

In a note this week, Davide Oneglia, director of European and global macro at TS Lombard, advised European investors to address their "tariff risk" by looking at their exposure "in the way Donald Trump ... does, i.e. in terms of the USD value of the U.S. deficit/surplus in goods by country and sector."

He suggested three key ways investors could protect their portfolios.

Pro subscribers can read more here.

— Holly Ellyatt

European markets: Here are the opening calls

European markets are expected to open mixed on Friday.

The U.K.'s FTSE 100 index is expected to open 7 points higher at 8,285, Germany's DAX down 13 points at 19,408, France's CAC down 5 points at 7,173 and Italy's FTSE MIB down 48 points at 33,261, according to data from IG.

Market participants will closely monitor flash euro zone inflation data for November, as well as preliminary inflation readings for France and Italy.

— Sam Meredith