European markets close higher as investors digest UK budget statement

This is CNBC's live blog covering European markets.

European markets bounced back to close higher on Wednesday as investors in the U.K. digested the 2024 budget statement.

The pan-European Stoxx 600 provisionally closed 0.4% higher, with most sectors and major bourses in positive territory. Technology stocks climbed 1.35%, with the sector also powering gains stateside, while media stocs fell 0.5%.

The U.K. budget was presented by British Finance Minister Jeremy Hunt, and contained announcements on the abolition of non-domiciled tax status as well as a reduction in National Insurance.

Investors are also assessing Fed Chair Jerome Powell's testimony before the House Financial Services Committee on Wednesday. Powell again said he expects interest rates to start coming down this year, but it is not clear when.

Asia-Pacific markets were mixed Wednesday, with Hong Kong stocks leading gains in the region and up over 2%. Mainland Chinese stocks slid, sending the CSI 300 down 0.6%, after a tech slide on Wall Street led by Apple, following a report that iPhone sales dropped in China.

The three major indexes opened Wednesday's session higher, marking a turn from the prior two down days.

The Dow was up about 0.5% shortly after 9:30 a.m. ET. The S&P 500 and Nasdaq Composite added 0.7% and 1%, respectively.

— Alex Harring

The pound was slightly higher against the dollar at the close of the U.K.'s Spring Budget announcements.

Sterling was seen trading up 0.13% against the greenback at $1.2720 by 1:40 p.m. London time. It was down 0.13% against the euro at 1.16.

— Karen Gilchrist

Britain's FTSE 100 were cautiously higher in early trade, up 0.2%, with a cautious tone prevailing across European markets.

The pound was fractionally higher against