European markets mixed, struggle to find positive momentum; HSBC down 7.8%

This is CNBC's live blog covering European markets.

European stocks were mixed Wednesday as regional markets struggle to find positive momentum.

The pan-European Stoxx 600 index was 0.3% lower in early afternoon deals, with most sectors trading in the red. Health care stocks fell 1.1%, while, autos rose 1.5%.

Shares of HSBC sank 7.8% in early deals after reporting an 80% drop in pre-tax profits in the final three months of 2023 on the back of a $3 billion charge on its stake in a Chinese bank.

Meanwhile, shares of Swiss mining company Glencore fell more than 6% in morning trade after the company posted a steep drop in annual profits and lowered its dividend.

Meanwhile, Hong Kong stocks gained more than 3% as wider Asia-Pacific markets traded mixed overnight following Wall Street losses Wednesday, while investors assessed Japan's trade data and souring business sentiment among large manufacturers.

U.S. stock futures ticked down Tuesday night after the major averages incurred a second day of losses, fueled by a decline in Nvidia.

Shares of Swiss mining company Glencore fell more than 6% in morning trade after the company posted a steep drop in annual profits and lowered its dividend.

Waning volatility in the energy market weighed on the company's full-year earnings, which came in at $17.1 billion — half that recorded in the previous year, during the height of the energy crisis sparked by the Russia-Ukraine war.

— Karen Gilchrist

HSBC reported on Wednesday its full year 2023 pre-tax profit climbed about 78% to $30.3 billion from a year ago, missing median estimates of $34.06 billion from analysts tracked by LSEG.

Its Hong Kong shares reversed gains to dip more than 2%, compared against the 3% gains for the Hang Seng Index. The