European markets close 1.2% lower as tech stocks plunge; UK banks rise on budget

This was CNBC's live blog covering European markets.

European markets closed lower on Wednesday as investors assessed a fresh batch of corporate earnings, regional growth data and the U.K. budget.

The pan-European Stoxx 600 provisionally closed 1.2% lower, with sectors and major bourses in negative territory. Technology stocks led the losses, down 2.4%.

Flash data published Wednesday showed that the euro zone economy grew 0.4% in the third quarter of 2024, above the 0.2% rise expected by economists polled by Reuters.

In the U.K., Finance Minister Rachel Reeves said the budget would raise taxes by £40 billion ($51.86 billion) in a bid to plug what the Labour government has described as a "black hole" in the country's public finances. Follow our budget live blog here.

Meanwhile, it's another busy day of earnings and business updates, with a host of companies scheduled to post their latest results.

Reporting in the early hours, Swiss bank UBS posted a large profit beat, after completing its first wave of client migrations following its integration of collapsed domestic rival Credit Suisse.

Asia-Pacific markets closed mostly lower on Wednesday despite key Wall Street benchmarks rising in the previous session, with the Nasdaq Composite closing at a record high as tech stocks gained.

U.S. stocks were little changed Wednesday as traders digested a flurry of earnings and looked toward further reports from major technology companies.

Shares of Britain's banks rose on Wednesday afternoon after it appeared the Labour government's first budget in nearly 15 years would stop short of imposing a levy on the sector's profits.

Among a litany of tax rises announced to allow for more borrowing to boost investment, U.K. Rachel Reeves did not