This is CNBC's live blog covering European markets.

European markets were mixed Tuesday as some of the momentum that powered a stellar month subsides.

The Stoxx 600 index closed 0.4% higher, having turned positive in afternoon trade. Autos stocks ended the session 1.2% higher while mining stocks dropped 0.9%.

Telecom stocks were among the biggest movers, with Ericsson up 4.4% after striking a deal with AT&T to build a next-generation telecom network, while Nokia plunged 8.4% on its expected losses as a result.

Trading in small-cap firms on the London Stock Exchange was briefly suspended during morning trade, which was attributed by operator LSEG to an "incident" without further detail being provided. It was the second temporary suspension in recent months.

The prospect of rate cuts, and more imminently another hold from the U.S. Federal Reserve at its next policy meeting in mid-December, sent the S&P 500 to a 2023 high last Friday after a five-week winning streak. Meanwhile, the Dow Jones Industrial Average in November enjoyed its best month since October 2022.

The upward momentum continued despite Fed Chair Jerome Powell's efforts to temper market expectations for incoming rate cuts, as he argued it was "premature to conclude with confidence" that monetary policy was "sufficiently restrictive."

Gold prices notched a record high on Monday for a second consecutive day, with spot prices touching $2,100, with analysts citing geopolitical uncertainty, a likely weaker U.S. dollar and possible interest rate cuts as further catalysts for bullion heading into next year.

Overnight, Asia-Pacific markets fell across the board as investors assessed a slew of economic data from across the region. U.S. stocks were lower Tuesday as the major averages took a break from their latest hot streak.

U.S. stocks open lower

U.S. stocks opened lower Tuesday as a recent rally on Wall Street lost steam.

The Dow Jones Industrial Average traded down 0.3% in early deals. The S&P 500 was flat while the Nasdaq Composite rose 0.4%.

— Karen Gilchrist

Sentiment improving in UK housing market: Knight Frank

U.K. property sales will improve over the next six months amid falling inflation and speculation over rate cuts from the Bank of England, says Tom Bill, head of U.K. residential research at Knight Frank.

Barclays down 2.5% as Qatar Holding set to cut stake

Shares of Barclays were 2.5% lower at 11:45 a.m. in London, following reports that Qatar Holding, one of its largest shareholders, has moved to sell millions in its stock of the British bank.

Reuters reported that the investment fund, owned by Qatar's soverign weath fund, was expected to generate £510 million ($644 million) off a sale price of 141 pence per share, representing a discount of around 1.4% on the Barclays share price on the Monday close.

Qatar Holding built up its large stake in the lender in the wake of the 2008 financial crisis.

Barclays is facing a tricky mix of squeezed domestic interest margins and weakening investment bank revenues.

CNBC has contacted Barclays and Qatar Holding for comment.

— Jenni Reid

Ericsson climbs 9% on AT&T deal as Nokia falls to three-year low

Stockholm-listed shares of Sweden's Ericsson were 8.5% higher at 8:30 a.m. London time after telecom juggernaut AT&T announced it would partner with the firm on its deployment of an open radio access network (Open RAN) in the U.S.

AT&T spend could near $14 billion over a five-year contract with Ericsson, the companies said Monday.

Ericsson will manufacture 5G equipment for the project at its factory in Lewisville, Texas.

Finland's Nokia dropped 7.35% to its lowest level since November 2020, as it loses more of its share of AT&T supplier work to Ericsson.

Open RAN or ORAN networks represent a shift to telecom firms using cloud-based software and equipment from several suppliers, potentially cutting costs, rather than using proprietary equipment largely from one company.

— Jenni Reid

U.K. shoppers push back holiday spending, figures show

U.K. households delayed Christmas spending in November, leading to damp retail sales, according to the British Retail Consortium.

The trade group found sales rose 2.7% in November, slightly above the 2.6% average over the last three months but down from 4.2% growth in November 2022. It noted its figures are not adjusted for inflation and so likely represent a fall in overall volumes.

Food sales were 7.6% higher across the three months to November, while non-food sales dipped 1.6%.

"Black Friday began earlier this year as many retailers tried to give sales a much-needed boost in November. While this had the desired effect initially, the momentum failed to hold throughout the month," said Helen Dickinson, chief executive of the BRC.

Retailers will look to offer customers affordability in December to boost spending, Dickinson said, while in 2024 they will face fresh cost pressures from higher business rates and an increase to the minimum wage.

The cost-of-living crisis continues to test consumer resilience, said Paul Martin, U.K. head of retail at KPMG.

"With two of the three months of the crucial golden quarter seeing sales growth below 3%, it has already been a weak Christmas trading period. Any excess stock not sold before Christmas could be further reduced leading to big January sales, and potentially having an even greater impact on already tight margins," Martin said.

— Jenni Reid

Caixin China services PMI climbs to highest since August

The Caixin China services purchasing managers' index for November climbed to its highest in three months, diverging from China's official PMI reading that showed a contraction.

This private survey reading came in at 51.5 in November, according to a release dated Dec. 5, rising from 50.4 in October and 50.2 in September.

China's official non-manufacturing PMI services sub-index for November released last week came in at 49.3, showing a contraction for the first time since December 2022 .

— Clement Tan

CNBC Pro: These 3 stocks could rally by another 50%, analysts say, despite big jumps this year

Three stocks — one U.S.-listed and two U.K.-listed — have risen by double-digit percentages this year. But investors shouldn't fear missing out on those gains as Wall Street analysts forecast another 50% jump in share prices over the next 12 months.

CNBC Pro screened the MSCI World Index, which includes about 1,500 companies in several developed markets, for stocks that had a positive return this year and continued to have more than 50% upside potential.

Subscribers can screen for stocks at any time using the new CNBC Pro Stock Screener.

CNBC Pro subscribers can read more here.

— Ganesh Rao

European markets: Here are the opening calls

European markets are heading for a mixed open Monday.

The U.K.'s FTSE 100 index is expected to open 8 points lower at 7,499, Germany's DAX up 10 points at 16,418, France's CAC down 3 points at 7,328 and Italy's FTSE MIB down 15 points at 29,937, according to data from IG. 

Euro zone producer price data for October is due.

— Holly Ellyatt