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CNBC Pro: Fund manager says a recession is ‘imminent’ — and names cheap stocks to play it Market watchers are increasingly worried about a looming recession and fund manager Steven Glass is no exception. that are trading at attractive values. His picks include a Big Tech name that he said is “extremely cheap” with “huge margin potential.”Pro subscribers can read more here. — Zavier OngExpect a more challenging environment ahead, says Atlantic EquitiesAtlantic Equities analysts are anticipating a more challenging backdrop for the global consumer in 2023. “Inflation may well have peaked on a headline basis but input costs still remain elevated and companies will be looking to at least hold if not take further pricing in some cases,” analyst Edward Lewis said in a note Tuesday. “That may become more challenging as levels of elasticity are beginning to normalize with US retailers starting to push back against pricing, in line with where European peers have been all year.” , citing “category momentum, ongoing investment and strong execution supporting elevated growth.”—Tanaya MacheelStock market has shed $11.7 trillion so far this yearIt’s been a rough year for stocks, which are currently in a bear market and down year to date. From the market’s yearly high on January 3 to this morning, US stocks have shed $11.7 trillion in market cap, according to data from Bespoke Group. “The max drawdown was $13.6 trillion at the low on 9/30, so we’ve seen market cap increase by just under $2 trillion since then,” analysts wrote Tuesday. “In dollar terms, this drawdown has been more extreme than any investors have ever experienced. That’s pretty deflationary if you ask us!” Of the $11.7 trillion, more than $5 trillion in losses come from just five companies – Apple, Microsoft, Amazon, Alphabet, Meta and Tesla. —Carmen ReinickeEuropean markets: Here are the opening callsEuropean markets are heading for a higher open Wednesday, reversing a negative trend in the previous session.The UK’s FTSE 100 index is expected to open 23 points higher at 7,389, Germany’s DAX 99 points higher at 13,969 , France’s CAC up 34 points at 6,478 and Italy’s FTSE MIB up 137 points at 23,830, according to data from IG.There are no major earnings. Data releases include UK third quarter gross domestic product. — Holly Ellyatt

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