European markets close lower as momentum falters; tech stocks hold gains

This was CNBC's live blog covering European markets.

European markets closed lower on Wednesday, losing momentum from earlier in the week.

The pan-European benchmark Stoxx 600 index closed 0.43% lower, losing the morning's gains. Tech stocks held on to an increase of 1.3%, while financial services dropped 1.9%.

The U.K.'s FTSE 100 snapped a five-day winning streak, falling into the red at the very end of the session to close 0.06% lower.

It was a similar picture stateside, with the S&P 500 and Dow Jones Industrial Average both lower while the tech-heavy Nasdaq Composite climbed on earnings from companies including Tesla.

Europe's markets had until now been buoyed by gains on Wall Street, where investors have been keeping a close eye on tech earnings along with mounting expectation that central banks in Europe will start cutting interest rates ahead of the U.S. Federal Reserve.

That has particularly benefited U.K. stocks, despite Bank of England Chief Economist Huw Pill pouring some cold water on the prospect of imminent cuts in a Tuesday speech.

Japan's Nikkei 225 led gains in Asia as markets in the region rose across the board.

European stocks closed lower Wednesday, with the regional Stoxx 600 index down 0.43%.

The U.K.'s FTSE 100 fell after a five-day winning run, ending 0.06% lower, while Germany's DAX and France's CAC 40 were lower by 0.27% and 0.17%, respectively.

— Jenni Reid

UBS shareholders on Wednesday afternoon approved changes to the bank's Additional Tier 1 (AT1) bond system, protecting them from the kind of wipeout suffered by Credit Suisse AT1 bondholders last year as the bank collapsed.

The change moves the AT1 bonds, a form of debt that can be converted when a bank's capital ratio falls below a certain level, to