This is CNBC's live blog covering European markets.

European markets retreated on Thursday, failing to move higher despite the resumption of a Wall Street rally.

The pan-European Stoxx 600 provisionally closed 0.22% lower, with autos dropping 0.8% to lead losses as nearly all sectors and major bourses finished in negative territory.

Most Asia-Pacific markets fell during the session overnight, led by Japan's Nikkei 225 and Topix indexes shedding 1.6% and 1%, respectively.

The downturn in Asia and Europe came after U.S. stocks dropped sharply on Wednesday, as investors seemingly took profits after nine straight positive sessions.

However, U.S. stocks were higher Thursday and the Dow Jones Industrial Average turned green after its worst day since October.

U.S. gross domestic product figures came in lower than expected, at an annual rate of 4.9% in the third quarter. Economists polled by Reuters expected 5.2% year-on-year growth.

On Friday, the personal consumption expenditures price index is expected to climb 2.3% in the same period — its slowest rise since the fourth quarter of 2020.

Strategist says market pricing for Fed rate cuts in 2024 is ‘nonsense’

Peter Toogood, chief investment officer at Embark Group, says inflation and economic activity are not slowing down as much as the market believes, and the Fed's suggestion of three rate cuts in 2024 is "nonsense."

U.S. stocks open higher Thursday

The Dow Jones Industrial Average climbed 229 points, or 0.58%. The S&P 500 added 0.72%, while the Nasdaq Composite advanced about 1%.

— Sarah Min

Food delivery companies slide: Delivery Hero down 6%, Ocado down 4%

Shares of German food delivery company Delivery Hero fell 6% to the bottom of the Stoxx 600 by early afternoon deals, closely followed by British online supermarket Ocado with a 4.5% drop.

At the top of the index, France's Teleperformance added 2.8%.

- Elliot Smith

Profit-taking, economic worries or options trading? Analysts on sudden sell-off

Market strategists have shared several possible reasons behind Wall Street's sudden sell-off on Wednesday afternoon.

Some suggested it was as simple as investors taking profits after a nine-day bull run, in the absence of any discernible catalyst and with U.S. stocks widely seen as overbought.

Other market watchers pointed to a high volume of zero-day options trading as the death knell for the winning streak. These are risky put options, increasingly popular with retail traders, that expire on the same day they are traded.

Several strategists blamed the sell-off on a disappointing revenue outlook from delivery giant FedEx, often seen as a bellwether U.S. economic health, which missed expectations on both the top and bottom lines.

Russ Mould, investment director at AJ Bell, said the combination of FedEx earnings and a "general shift in market focus from when rates will be cut to the underlying health of the economy" had tempered investor optimism.

Read the full story here.

- Elliot Smith

European losses deepen, analysts divided over trigger

The sell-off for European stocks extended throughout Thursday morning.

The pan-European Stoxx 600 was down 0.6% shortly before noon, with autos dropping 1.5% to lead losses as all sectors and major bourses slid into negative territory.

Some analysts suggested the sell-off was as simple as investors taking profits after a nine-day bull run, in the absence of any discernible catalyst and with U.S. stocks widely seen as overbought.

Other market watchers pointed to a high volume of zero-day options trading as the death knell for the winning streak. These are risky put options, increasingly popular with retail traders, that expire on the same day they are traded.

Some strategists also blamed the sell-off on a disappointing revenue outlook from delivery giant FedEx, often seen as a bellwether U.S. economic health, which missed expectations on both the top and bottom lines.

- Elliot Smith

Strategist says market pricing for Fed rate cuts in 2024 is 'nonsense'

Peter Toogood, chief investment officer at Embark Group, says inflation and economic activity are not slowing down as much as the market believes, and the Fed's suggestion of three rate cuts in 2024 is "nonsense."

- Elliot Smith

Biggest movers: Argenx down 5%, Commerzbank up 2%

Shares of Argenx dropped another 5.5% in early trade, building on Wednesday's 26% plunge after the Dutch-headquartered company's autoimmune drug failed a study, prompting a slew of target price cuts for the stock from analysts.

At the top of the Stoxx 600, Commerzbank shares added more than 2% after the German lender received approval from the European Central Bank for its share buyback program.

- Elliot Smith

European shares open in the red, tracking Wall Street losses

The pan-European Stoxx 600 was down 0.4% in early trade on Thursday, tracking global declines.

Autos dropped 1.2% to lead losses as all sectors and major bourses slid into negative territory.

Most Asia-Pacific markets fell overnight, led by Japan's Nikkei 225 and Topix indexes shedding 1.6% and 1%, respectively.

- Elliot Smith

CNBC Pro: Here's how to create a diversified portfolio of stocks and bonds for 2024, according to the pros

Investors will face a number of uncertainties in 2024, including the question of whether a recession will be avoided or how geopolitical risks will develop.

Stocks have been rallying this year, while bonds fell into a bear market — before investors recently started flocking back to this asset.

Against that backdrop, cautious investors may want to create a diversified portfolio as they head into 2024.

Speaking to CNBC Pro Talks, three experts discussed their market outlooks and investment strategies for 2024.

CNBC Pro subscribers can read more here.

— Weizhen Tan

CNBC Pro: Citi upgraded a global stock after its move to cut its Russian stake — and gives it 27% upside

Citi has upgraded shares of a European stock after the company announced a complex transaction that will weaken its links to Russia.

The move should also help the company improve its earnings outlook, according to the Wall Street bank, which led it to raise the price target and give it a 27% upside.

CNBC Pro subscribers can read more here.

— Ganesh Rao

European markets: Here are the opening calls

European markets are set to open lower Thursday.

The U.K.'s FTSE 100 index is expected to open 45 points lower at 7,672, Germany's DAX down 73 points at 16,666, France's CAC down 45 points at 7,548 and Italy's FTSE MIB down 163 points at 30,384, according to data from IG. 

There are no major data releases Thursday.

— Holly Ellyatt