This is CNBC's live blog covering European markets.

European markets were lower on Wednesday as investors assessed a fresh batch of corporate earnings and awaited regional growth data and the U.K. government's Budget.

The pan-European Stoxx 600 traded down around 0.5% shortly after the opening bell, with most sectors in negative territory. Food and beverage stocks were among those leading the losses, down nearly 1%.

Preliminary quarterly growth data for the EU and the euro area will be closely watched for a further indication on the region's economic health.

In the U.K., it's Budget day, with the Labour government set to present its taxation and spending plans to Parliament. 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 Wednesday, 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.

Elsewhere, Standard Chartered upgraded its 2024 income guidance as it posted profits in the third quarter that beat expectations. Germany's crisis-stricken Volkswagen reported a substantial drop in quarterly profit, citing higher fixed costs and significant restructuring expenses.

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

S&P 500 futures rose on Wednesday as traders prepared for additional reports from major tech companies and looked ahead to the first preliminary reading of U.S. third-quarter gross domestic product.

The report is expected to show that GDP grew at a 3.1% annualized pace in the third quarter, according to the Dow Jones consensus forecast.

Europe markets open lower

European stocks were lower on Wednesday as investors reacted to a slew of corporate earnings.

The pan-European Stoxx 600 traded down around 0.45% shortly after the opening bell, with most sectors in negative territory.

— Sam Meredith

UK clothing retailer Next says annual profit on track to exceed £1 billion

U.K. clothing retailer Next on Wednesday forecast annual profit in excess of £1 billion ($1.3 billion) as it raised its full-year guidance on the back of improved third-quarter sales.

Next said full-price sales in the August to October period rose 7.6% from last year, comfortably topping the firm's guidance of a 5% jump in quarterly sales.

The firm attributed the robust performance to the early arrival of colder weather this year, in contrast to an unusually warm September and early October in 2023.

Next upgraded its profit guidance for the full-year to £1.005 billion, up from its previous forecast of £995 million.

— Sam Meredith

Luxury carmaker Aston Martin posts smaller-than-expected quarterly loss

Britain's Aston Martin posted a smaller-than-expected third-quarter loss, with the luxury carmaker saying it remains on track to deliver on its revised full-year guidance as supply chain disruptions are "proactively managed."

The company reported an adjusted loss before tax of £10.3 million ($13.4 million) for the July-September period, above analyst expectations of a loss of £92 million, Reuters reported.

"Improved financial and operational performance in Q3 2024, demonstrates our strategy's effectiveness," Aston Martin CEO Adrian Hallmark said in a statement.

"We are on track to meet our revised Full Year 2024 guidance, which reflects the necessary action taken in September to adjust our production volumes given supplier disruption, which we are proactively managing, and the weak macroeconomic environment in China," Hallmark said.

— Sam Meredith

Volkswagen posts sharp drop in third-quarter profit

Germany's Volkswagen reported a substantial drop in third-quarter operating profit on Wednesday, citing higher fixed costs and significant restructuring expenses.

The crisis-stricken automaker, which is contemplating plant closures in Germany for the first time in its history, posted operating profit of 2.86 billion euros ($3.1 billion) in the third quarter, a 42% drop from the 4.9 billion euros during the same period a year earlier.

The Volkswagen works council warned earlier in the week that the company's management was planning widespread pay cuts and layoffs.

Read the full story here.

— Sam Meredith

UBS posts third-quarter earnings beat

Swiss bank UBS on Wednesday reported third-quarter profit that was stronger than expected, citing progress on the integration of collapsed domestic rival Credit Suisse.

UBS said third-quarter net profit came in at $1.4 billion, beating a mean forecast of $667.5 million in an LSEG poll of analysts.

"We continue to significantly mitigate execution risk as we progress on the integration of Credit Suisse while remaining disciplined in driving our cost and efficiency targets," UBS CEO Sergio Ermotti said in a statement.

"At the same time, we are investing in our people, products and capabilities, including technology, to enhance client experience, improve productivity and achieve sustainably profitable growth," he added.

Read the full story here.

— Sam Meredith

Chinese automotive stocks fall after EU slaps China with EV tariffs

The European Union raised tariffs on China-made electric vehicles to as high as 45.3%, concluding an anti-subsidy probe that had divided member states and prompted counter measures from Beijing.

A number of Chinese EV stocks were down, including Nio, which fell about 6%; Geely, which fell about 4.7%; and Li Auto, which fell 2.6%.

The new duties will range from 7.8% for Tesla to 35.3% for China-based SAIC, on top of the EU's existing 10% car import duty.

— Dylan Butts

CNBC Pro: These stocks and bonds are set to win from the U.K.'s budget, analysts say

The U.K.'s Labour Party is set to unveil its government budget for the first time in 14 years later today.

U.K. Finance Minister Rachel Reeves is expected to end months of speculation about the government's intention to raise taxes, change rules, and borrow to support long-term investment.

Investment bank analysts have highlighted several stocks that could win or lose if the rumored measures are unveiled or curtailed.

CNBC Pro subscribers can read more about the stocks impacted here.

— Ganesh Rao

CNBC Pro: 'Absurdly cheap': Bottom-up investor names Japan sectors — and stocks — to invest in right now

Japanese markets have made steady gains this week - and one bottom-up investor sees potential for it to advance even further.

"When we look at Japan — it's very difficult not to be bullish on stocks. Because even companies that are struggling in terms of earnings have depressed valuations and may not see a drastic fall in their stock price even if earnings are weak," Mio Kato, founder of capital markets firm LightStream Research, said.

"When we look at the valuations of a lot of companies, they look absurdly cheap," he added.

Kato also revealed sectors - and stocks - he is betting on right now.

CNBC Pro subscribers can read more here.

— Amala Balakrishner

The dollar's value could wane under a Trump presidency, investor warns

Some investors believe that under a Trump presidency, higher interest rates and inflation could lead to a more expensive dollar. But Erik Knutzen, co-chief investment officer of Neuberger Berman's Multi-Asset Strategies, says that the dollar could actually decline under a Trump administration.

"The dollar did rally through the end of the year after the surprise win of Trump in 2016, but the dollar declined in value for 2017 when Trump was enacting the policies that were supposedly going to be more inflationary and cause higher interest rates," he said on CNBC's "The Exchange" on Tuesday afternoon. "Trump and his cohort actually would like to see a weaker dollar to support the American economy. Yes, the dollar may have some short-term impetus, but frankly you could probably fade that trade if Trump is not elected."

Knutzen added that the dollar will probably weaken in the near term in the scenario that Trump loses the November election.

— Lisa Kailai Han

European markets: Here are the opening calls

European markets are expected to open in negative territory Wednesday.

The U.K.'s FTSE 100 index is expected to open 41 points lower at 8,178, Germany's DAX down 60 points at 19,420, France's CAC down 27 points at 7,481 and Italy's FTSE MIB down 181 points at 34,509, according to data from IG.

Preliminary quarterly growth data for Europe will be closely watched on Wednesday for a further indication on the state of the region's economy.

Meanwhile, earnings are set to come from UBS, Amundi, BASF, Capgemini, Raiffeisen Bank International, Wolters Kluwer, Aston Martin Lagonda, Volkswagen, Schneider Electric, Airbus, Standard Chartered, GSK, Ubisoft and Next.

— Holly Ellyatt