European markets close lower as UK inflation misses estimate

This was CNBC's live blog covering European markets.

European stocks closed lower on Wednesday, as regional markets continue to see-saw over the inflation outlook and the trajectory of interest rates.

The pan-European Stoxx 600 ended down 0.37%, with all major bourses in the red. Most sectors also fell, with autos last down 1.3% and with oil and gas stocks declining 1.2%.

Mining stocks dropped 2.1% after Anglo American said it had rejected BHP Group's third takeover bid but extended the timeline for talks.

U.K. inflation came in at 2.3% on an annual basis in April, data released Wednesday showed. This was above the forecast of 2.1%, but much closer to the Bank of England's 2% target than March's reading of 3.2%.

Asia-Pacific markets traded mixed overnight while U.S. stock futures were little changed as investors looked ahead to the widely-anticipated release of Nvidia's latest earnings report out Wednesday.

Traders will also be watching for minutes from the latest Federal Open Market Committee meeting.

Mining stocks sunk Wednesday afternoon after Anglo American rejected a third takeover proposal from rival BHP Group as the companies agreed to extend a talks deadline by one week.

Anglo shares rose initially before paring gains to trade down 0.65% by 4:10 p.m. London time. BHP fell 3.4% while rival miners Antofagasta and Glencore both fell more than 3.5%

— Karen Gilchrist

Shares in Marks & Spencer climbed on Wednesday, reaching levels last seen in early 2018, according to LSEG data. The company's stock was last up 7.3% at 10:59 a.m. London time.

The British retailer on Wednesday said its profit before tax and adjusting items came in 58% year-on-year to hit £716.4 million ($912 million) during its full fiscal year that ended on