This is CNBC’s live blog covering European markets.

European markets are heading for a cautious open Monday after a strong week, as the slew of third-quarter earnings slows down.

The regional Stoxx 600 index climbed 2.82% last week, according to LSEG data.

Figures showed inflation coming down sharply, with U.K. price rises slowing to 4.6% in October from 6.7% in September. Euro zone inflation was confirmed at 2.9%, down from 4.3% the previous month.

U.S. inflation came in flatter than in September, cooler than estimates. Expectations that the Federal Reserve is finished with rate hikes powered solid U.S. stock gains last week, as the S&P 500 and Dow Jones Industrial Average marked a three-week positive streak.

The U.S. dollar fell to a two-month low Monday, according to Reuters, as bets on a rate cut as soon as March intensify.

In Asia-Pacific markets, Japanese stocks briefly hit a 33-year high during Monday’s session, though they shed some gains. Investors also monitored news that China left its benchmark lending rates unchanged.

U.S. trading will be shortened this week because of Thanksgiving.

Europe stocks head for muted open

European stocks will open mixed Monday, according to IG data.

The FTSE 100 is on course to slip 6.5 points to 7,497, France’s CAC 40 to rise 4.5 points to 7,240 and Germany’s DAX to drop 9 points to 15,913.

— Jenni Reid

CNBC Pro: Will the ‘Magnificent Seven’ have another good run in 2024? Morgan Stanley’s Mike Wilson weighs in

Much of the gains in the S&P 500 this year can be attributed to the “Magnificent Seven” stocks.

The group comprises Apple, Amazon, Alphabet, Meta, Microsoft, Nvidia and Tesla, some of which have benefited from the buzz around artificial intelligence

But can the Magnificent Seven continue to beat the market in 2024? Mike Wilson, chief U.S. equity strategist at Morgan Stanley, weighs in — and shares how to invest in 2024.

CNBC Pro subscribers can read more here.

— Weizhen Tan

Nikkei 225 briefly touches 33-year highs, highest since May 1990

Japan’s Nikkei 225 briefly touched 33 year highs on Monday morning, with the benchmark Nikkei 225 reaching an intraday a high of 33,848.98.

This surpassed the previous high of 33,753 seen on March 7, and its the highest level since May 1990.

However, the index soon fell after surpassing the high, recording a 0.07% loss compared to its last close.

— Lim Hui Jie

China keeps one-year and five-year loan prime rates unchanged for November

China’s central bank has held its one-year and five-year loan prime rates at 3.45% and 4.2% for November.

This is the third straight month that the People’ Bank of China has held the one-year LPR after lowering it from 3.55% to 3.45% in August.

The five year LPR meanwhile, has been held at 4.2% for five consecutive months, having been last lowered in June from 4.3%.

— Lim Hui Jie

CNBC Pro: Time to buy the dip in Alibaba shares after the stock tanked? Here’s what analysts say

Shares of Chinese e-commerce giant Alibaba tumbled after the company scrapped plans to spin off and list its cloud computing business.

While investors have largely reacted negatively to the company’s decision, some on Wall Street have welcomed the move.

CNBC Pro subscribers can read more about what analysts at Morgan Stanley, JPMorgan, Bernstein and Barclays are saying about Alibaba here.

— Ganesh Rao