European markets mixed as traders gear up for U.S. election

Shares in Burberry were 5.25% higher at 8:51 a.m. London time on Monday after a media report over the weekend suggested that its peer Moncler is mulling a bid for the British luxury retailer.

Moncler is an Italian luxury brand known for its ski jackets and winter coats.

The report, published Sunday on industry news website Miss Tweed, was not confirmed by CNBC.

It comes as Burberry has been facing growing pressures from waning sales and a series of management changes. In September, the British retailer dropped out of the U.K.'s FTSE 100 index.

Both Moncler and Burberry said they don't comment on speculation.

— Sophie Kiderlin

European markets were mixed, as trading kicked off on Monday.

The pan-European Stoxx 600 was last 0.02% lower at 8:11 a.m. London time. Sectors diverged, with oil and gas and mining stocks adding 0.57% and 0.59% respectively, while tech shares dipped 0.7%.

Regional bourses were also mixed, with the U.K.'s FTSE 100 last adding 0.33% while Germany's DAX shed 0.14%.

— Sophie Kiderlin

French energy company Schneider Electric has appointed Olivier Blum as CEO, ousting Peter Herweck over what the business described as "divergences in the execution of the company roadmap at a time of significant opportunities."

Blum, a veteran employee at the company, has been on the executive committee for around 10 years.

Company Chairman Jean-Pascal Tricoire said that Blum "deeply" understands the business and is focussed on "future technology and strategic development."

He added, "I have complete confidence in his ability to lead Schneider Electric in this new phase of focused acceleration, in line with the goals announced during the Capital Market Day."

— Katrina Bishop

SINGAPORE — Asia-Pacific markets rose Monday as investors geared up for a busy week that includes the U.S. presidential election, Federal Reserve's monetary policy meeting and China's parliament meeting.

South Korea's blue-chip Kospi rose 1.83% to 2,588.97, snapping a three-day losing streak, while the small-cap Kosdaq gained 3.43% to close at 754.08.

Hong Kong's Hang Seng index was up 0.27% as of its final hour of trade, while mainland China's CSI 300 rose 1.41% to end at 3,944.76.

Australia's S&P/ASX 200 closed 0.56% higher at 8,164.6. The Taiwan Weighted Index gained 0.81% to close at 22,965.39.

— Anniek Bao

Ryanair CFO Neil Sorahan told CNBC's "Squawk Box Europe" on Monday that he hoped that air travel fares would fall by less than 5% in the current quarter.

The company posted its fiscal second-quarter results earlier in the session.

"We're hopeful now that you know fares will start to moderate somewhat and the declines in Q3 will be well down under 15% of Q1, the 7% in Q2 and you know, hopefully somewhere under 5% in Q3," Sorahan said.

He also addressed current issues for the airline and travel industry, saying the biggest issue currently was "trying to get aircraft" amid delays in deliveries.

— Sophie Kiderlin

Irish budget airline Ryanair on Monday said its quarterly profit after tax fell by 6% to 1.43 billion euros ($1.56 billion) in the three months to the end of September compared to the same period a year earlier.

Across the two most recent quarters, which make up the first half of Ryanair's financial year, the airline's profit after tax dropped 18%.

Customer numbers grew 9% over the first half, totaling 59.8 million and 115.3 million respectively.

The average fare fell 7% in the three months to the end of September, the airline said, after tumbling 15% in the previous quarter. Fares in the current quarter are expected to be "modestly lower" than a year earlier, it added, noting that forward booking data indicated strong demand and an easing of price declines.

— Sophie Kiderlin

European markets are expected to open in mostly positive territory Monday.

The U.K.'s FTSE 100 index is expected to open 4 points lower at 8,173, Germany's DAX up 11 points at 19,261, France's CAC up 2 points at 7,415 and Italy's FTSE MIB up 74 points at 34,507, according to data from IG.

Earnings are set to come from BioNTech and Ryanair and data releases include European manufacturing purchasing managers' index figures.

— Holly Ellyatt

China's hot electric vehicle market has been gaining investor interest, and one analyst sees potential for the sector to grow further.

"China's EV market is the largest in the world and also delivers fast growth," Vincent Sun, senior equity analyst at Morningstar said.

Sun remains positive on the sector's growth following a 31% year-to-date jump in EV sales to around 8 million units at the end of the third quarter. This translates to a penetration rate of 49% of China's auto market in September.

Sun, along with Jason Hsu, founder and chief investment officer at Rayliant Global Advisors, share their take on the sector.

CNBC Pro subscribers can read more here.

— Amala Balakrishner

An outperforming fund manager who previously sold Meta Platforms shares over concerns about the company's virtual reality investments is now bullish on the technology giant's artificial intelligence strategy.

Stephen Yiu, chief investment officer of Blue Whale Growth Fund, revealed that his fund had previously sold out of Meta Platform shares in 2022 due to doubts over the company's Metaverse strategy. He is now backing Meta's plans to spend billions on AI.

CNBC Pro subscribers can read more here.

— Ganesh Rao