This is CNBC's live blog covering European markets.

European markets were mixed early Thursday afternoon, as further threats from U.S. President Donald Trump pressured global trading relationships.

Wine and spirits firms Pernod Ricard, Rémy Cointreau and Davide Campari were all more than 3% lower after Trump threatened on social media to place a 200% tariff on wines, champagnes and alcoholic products coming out of France and other countries in the European Union. Trump said he was responding to the EU's own new 50% tariff on whiskey out on the U.S.

Drinks giant Diageo, owner of brands including Johnnie Walker and Guinness, was just 0.2% lower, while luxury conglomerate LVMH — parent firm of Moët & Chandon and Hennessy — dipped 1%.

The pan-European Stoxx 600 was just above the flatline at 1:24 p.m. in London with sectors diverging. Autos remained in the red, down 1.5%, as traders continue to assess the impact of the latest U.S. tariffs as well as counter-tariffs from the European Union, Canada and beyond on the industry.

Pharma giant Novo Nordisk was among the top performers, rebounding from Tuesday losses tied to disappointing weight loss drug trial results, to trade 5% higher. Analysts at Kepler Cheuvreux on Thursday upgraded the stock to buy from hold, citing priced-in risks and expected higher sales of its Wegovy treatment.

The Stoxx 600 snapped a four-session losing streak on Wednesday amid optimism about a ceasefire in the Ukraine-Russia war and lower-than-expected U.S. inflation. S&P 500 futures ticked higher in the early hours after the index posted its first winning session this week.

The inflation figures bolstered optimism about the direction of the economy — amid growing concerns about a U.S. recession — although economists warn that tariffs are likely to quickly lead to higher prices for consumers.

Thursday marks the second and final day of CNBC's CONVERGE LIVE event in Singapore, where business leaders, investors and policymakers are discussing the brewing global trade war. Follow CNBC's live coverage from event here.

Trump threatens to put 200% tariff on French Champagne and other EU spirits

U.S. President Donald Trump said Thursday he plans to put a 200% tariff on alcohol from France and other European nations in the latest escalation of global trade tensions.

The U.S. tariff comes after the European Union moved to reinstate an import tax on American whiskey.

"The European Union, one of the most hostile and abusive taxing and tariffing authorities in the World, which was formed for the sole purpose of taking advantage of the United States, has just put a nasty 50% Tariff on Whisky. If this Tariff is not removed immediately, the U.S. will shortly place a 200% Tariff on all WINES, CHAMPAGNES, & ALCOHOLIC PRODUCTS COMING OUT OF FRANCE AND OTHER E.U. REPRESENTED COUNTRIES. This will be great for the Wine and Champagne businesses in the U.S.," Trump said on Truth Social.

Read more here.

— Jesse Pound

U.S. wholesale inflation unchanged in February

The producer price index, a measure of wholesale inflation, was flat in February — another potential sign that inflation pressures may be ebbing. Economists polled by Dow Jones expected a month-over-month increase of 0.3%.

— Fred Imbert

Deliveroo shares down 7% after posting gloomy outlook for 2025

Shares of British food delivery firm Deliveroo were down 6.9% on Thursday morning after the company said it expected slower growth this year.

The company reported net profit of £2.9 million ($3.7 million) in 2024, compared with a £31.8 million loss incurred during the previous year, marking the food company's first time making a profit since it was founded in 2013.

Its gross transaction value per order was £25.1 million in 2024, up 3% from 2023, and its orders increased 2% year-on-year to 296 million in 2024. Revenue also rose 2% to £2.07 billion.

The company cited reduced cost of living pressures during the year in some of its major markets and increased demand for its grocery business, for its growth.

Will Shu, Deliveroo's founder and CEO, said the company's first full-year profit and positive free cash flows indicate that its strategy is working.

For 2025, the company expects GTV to be in the high-single digits percentage growth while adjusted is forecast to come in lower than in 2024 as the company makes "focused investments to drive further growth opportunities."

Deliveroo now also sees its margin growth to hit 4% from 2026, compared with a previous forecast of reaching that objective by the timeline.

— Sawdah Bhaimiya

Deutsche Bank names autos as 'growing risk' for its portfolio

Deutsche Bank flagged autos as a "growing risk" for its portfolio that is being "monitored closely given the challenging economic environment in Europe, Electric Vehicles (EV) transition and competition in China," Germany's largest lender said in its annual report out Thursday.

Europe's auto sector now faces further pressures from U.S. tariffs on steel and aluminum and separate duties on goods from countries in which several carmakers have production lines.

Deutsche Bank noted the industry outlook "remains subdued," while also warning of the impact of "U.S. import tariffs affecting sales in the key market U.S., competition from China and persistent excess capacities around the globe."

— Ruxandra Iordache

Hugo Boss warns of macroeconomic risks ahead as fourth-quarter sales meet expectations

Hugo Boss on Thursday posted fourth-quarter sales in line with expectations, but provided a tepid growth forecast for the year, citing "macroeconomic and geopolitical volatility" and continued weakness in China.

The German fashion house recorded revenues of 1.25 billion euros [$1.35 billion] in the three-month period, just marginally ahead of the 1.2 billion euros forecast by LSEG analysts. Net income came in at 126 million euros, just shy of the 128 million euros anticipated.

Full year sales increased 3% to total 4.3 billion euros, also in line with forecast. Operating income fell 12% over the period to 361 million euros, after the company lowered its full-year outlook in July on challenging macroeconomic factors.

The company said it expected those challenges to persist into 2025, forecasting group sales to increase or decline by up to 2% over the year. Asia-Pacific sales were cited as a particular laggard amid "ongoing uncertainties regarding the further recovery of industry development in China."

"Subdued consumer sentiment and muted store traffic have been weighing on business performance since the beginning of the year, with the overall market environment remaining uncertain also going forward," the company said in a statement.

— Karen Gilchrist

Ferrari CEO says carmaker is ‘ready’ with countermeasures as Europe’s automakers brace for tariffs

The chief executive of Ferrari on Thursday said the company was prepared for potential U.S. tariffs on European automakers.

"We are ready with some countermeasures," Ferrari CEO Benedetto Vigna told CNBC's Robert Frank at CONVERGE LIVE in Singapore on Thursday.

"We are watching what's going to happen in the next month, next weeks ... we are on the same boat in terms of tariffs," he added.

European automakers have been grappling with trade policy uncertainty in recent months, with the threat of U.S. import tariffs raising alarm bells among many original equipment manufacturers (OEMs).

Read the full story here.

— Anniek Bao, Sam Meredith

U.S. more likely to reach broad deal with China under Trump, diplomat says

Prospects for a broad deal between the U.S. and China have improved following Donald Trump's election as president, two former diplomats said during a panel discussion at CNBC's CONVERGE LIVE.

David Adelman, former U.S. ambassador to Singapore, said Trump's tough stance on trade put him in a stronger position to overcome domestic opposition when negotiating with Beijing, much like when former U.S. President Richard Nixon reestablished ties with China in the 1970s.

"No one can accuse Trump of being soft on China," he said.

Kishore Mahbubani, a prominent former Singapore diplomat, said both the U.S. and China know there will be no winners in a conflict between the two giants.

— Kevin Lim

Private equity industry likely to see shakeup: fund of funds manager

The private equity market is likely to experience a shake-up, with some fund managers unable to raise cash amid difficulty in monetizing current investments.

Serena Tan, CEO of Gaia Investment Partners, a Malaysian fund of funds manager, said exits from existing private equity funds are still challenging because of lackluster activity in the initial public offerings and mergers and acquisitions markets. This meant there was less cash to recycle into new private equity investments, she said.

Many private equity funds may have raised their last funds, Tan added.

— Kevin Lim

European markets: Here are the opening calls

European markets are expected to open in mixed territory Thursday.

The U.K.'s FTSE 100 index is expected to open 8 points higher at 8,537, Germany's DAX down 47 points at 22,611, France's CAC 2 points lower at 7,983 and Italy's FTSE MIB 32 points lower at 38,230, according to data from IG. 

Investors in Europe will be keeping an eye on earnings from Hugo Boss, Hannover Re and Deliveroo. There are no major data releases taking place today.

— Holly Ellyatt