This is CNBC's live blog covering European markets.

European markets closed lower Friday as investors closely monitored news from China over its zero-Covid policy and U.S. non-farm payrolls data.

The pan-European Stoxx 600 was down 0.2% by the market close, trimming earlier losses. Oil and gas led the falls, down 1.1%, with most sectors and major bourses in the red. Retail stocks bucked the trend, trading up 0.7%.

It comes shortly after the European Union tentatively agreed to a $60 barrel price cap on Russian seaborne oil, according to a document seen by Reuters. The price cap, an idea proposed by the Group of Seven, still requires approval from all 27 EU governments in a written procedure on Friday.

Markets in the Asia-Pacific mostly fell Friday while investors looked for clarity after China signaled slight easing of its stringent Covid restrictions.

U.S. stocks slid Friday as investors digested hotter-than-anticipated jobs data, worrying investors looking for signals that the Federal Reserve can begin slowing interest rate hikes.

Defensive sectors like health care and defensive regions like Switzerland are good bets, Credit Suisse wealth manager says

Defensive sectors like health care and defensive regions like Switzerland are good bets, Credit Suisse wealth manager says.

Credit Suisse International Wealth Manager Nannette Hechler-​Fayd'herbe discussed the markets on CNBC's "Squawk Box Europe" Friday.

Stocks on the move: Hexatronic up 8%; energy stocks fall

Scandinavian fiber optic firm Hexatronic led gains in late morning trade, rising nearly 8% after announcing its acquisition of telecoms firm KNET.

Swedish investment company Kinnevik remained the worst-performing European stock after an analyst downgrade.

Energy firms also fell ahead of potentially disruptive sanctions on Russian oil, and as OPEC mulled further output cuts.

Pipe supplier Tenaris was down 2.5%, BP dipped 2.3% and Harbour Energy fell 2.1%.

— Jenni Reid

Credit Suisse looking to accelerate cost-cutting; shares up 6%

Shares of Credit Suisse rose 6% after chairman Axel Lehmann confirmed to Bloomberg the bank is seeking to speed up its cost-cutting program.

It follows a Reuters report indicating Credit Suisse may look to cut more jobs than previously announced, citing anonymous sources.

The bank previously said it wants to reduce its cost base by 15%, or 2.5 billion Swiss francs ($2.67 billion), to about 14.5 billion Swiss francs in 2025.

Lehmann said it would look to "front-load" implementation of the cost savings, which come amid a massive strategic overhaul. The bank has been involved in series of scandals and in November reported a 1.5 billion Swiss franc fourth-quarter loss.

— Jenni Reid

German exports fall more than forecast

German exports fell by 0.6% month on month in October, twice as much as expected by analysts polled by Reuters.

However the country's trade surplus increased as imports were down 3.7%, greater than the forecast 0.4% decline.

German officials have said exports are likely to fall 2% next year thanks to slowing global growth, low business sentiment, and the ongoing challenges of inflation and supply chain hold-ups.

The country is widely forecast to be heading for a recession, though recent data showing its economy grew 0.4% quarter on quarter and 1.3% annually fueled hope it will be shallow.

— Jenni Reid

Stocks on the move: Just Eat up, Kinnevik down

Just Eat was the top performer among generally downbeat European stocks in early trade, gaining 3.7% after JPMorgan upgraded the stock from underweight to neutral.

A week ago, the company announced plans to reorganize operations, potentially leading to around 170 job cuts.

Meanwhile, Swedish investment firm Kinnevik shed 5.5% after being downgraded by Norwegian financial services group DNB, according to local media.

— Jenni Reid

European markets: Here are the opening calls

European markets are heading for a lower open Friday, as investors eye an EU-led cap on Russian oil prices and non-farm payrolls data from the U.S.

The U.K.'s FTSE 100 index is expected to open 11 points lower at 7,547, Germany's DAX is seen down 15 points at 14,448, France's CAC is forecast to open 15 points lower at 6,728 and Italy's FTSE MIB is also seen falling by 98 points at 24,609, according to data from IG.

Data releases include German import and export data, producer prices for the euro zone and U.S. nonfarm payrolls, the latter due at 1.30 p.m. London time.

— Katrina Bishop

CNBC Pro: BlackRock unit says it's time for a new portfolio playbook, and reveals how to position

BlackRock's ETF division says the investing environment has fundamentally changed, which has "profound implications" for portfolios looking ahead.

In its 2023 investor guide, Blackrock's iShares, one of the largest providers of exchange-traded-funds in the world, said the shift brings with it "profound implications for portfolio construction."

CNBC Pro subscribers can read more here.

— Weizhen Tan

CNBC Pro: Citi names 6 global stocks that capture both 'defensive growth and value'

Citi says investors don't need to give up entirely on growth by pivoting to a defensive portfolio of stocks ahead of a potential recession.

The investment bank named six global stocks which offer "low risk, quality and growth" combined.

CNBC Pro subscribers can read more here.

— Ganesh Rao