This was CNBC's live blog covering European markets.

European markets were mixed at the close on Wednesday as traders monitored a spike in tensions in the Ukraine-Russia war.

The pan-European Stoxx 600 index closed 0.01% lower, with sectors spread between losses and gains. The FTSE 100 was down 0.17% after data released earlier showed U.K. inflation picked up sharply to a higher-than-expected 2.3% in October. Germany's DAX and France's CAC 40 also declined.

The best performer on the Stoxx 600 was Sage Group, up 18%, after the British software company reported a better-than-expected 21% rise in full-year operating profit.

Global markets fell on Tuesday as investors reacted to Russia lowering the threshold for a nuclear strike, and after Ukraine used U.S.-made long-range ballistic missiles to attack Russian territory for the first time, stoking tensions between Russia and the West.

In the latest development, the U.S. closed its embassy in Kyiv on Wednesday, warning that it has "received specific information of a potential significant air attack."

Asia-Pacific markets were mostly lower Tuesday amid the mounting geopolitical tensions.

U.S. stocks were lower in morning deals, as investors looked toward a key earnings report from tech giant Nvidia. Traders are looking for more details on demand for Nvidia's Blackwell AI chips, which CEO Jensen Huang last month characterized as "insane."

How the semiconductor giant fares — given its market capitalization of $3.6 trillion — could set the tone for the S&P 500 and the Nasdaq Composite for the rest of the week.

Europe stocks close lower

Europe's Stoxx 600 index closed fractionally below the flatline on Wednesday, its fourth straight session ending in the red.

Major bourses fell, with France's CAC 40 down 0.43% and Germany's DAX lower by 0.31%.

— Jenni Reid

Risk that Nvidia’s ‘over-earning’ will come to an end over next few quarters, says strategist

Euro down 0.64% against U.S. dollar

The euro was down 0.6% against the U.S. dollar to $1.053 at 3 p.m. London time as investors assessed the geopolitical landscape and economic data.

Figures published by the European Central Bank showed negotiated wage growth in the euro zone rose to 5.42% in the third quarter from 3.54% in the prior.

Elias Hilmer, assistant economist at Capital Economics, said the jump was mostly due to "one-off payments in Germany."

Elsewhere, the ECB released its biannual Financial Stability Review, in which it said weak euro area economic growth was now a greater risk to the bloc than high inflation.

— Jenni Reid

U.S. stocks mostly flat ahead of Nvidia earnings

U.S. stocks were mostly flat on Wednesday, as investors looked toward a key earnings report from tech giant Nvidia.

All eyes are on Nvidia, set to report after the close. Given the chipmaker's $3.6 trillion market capitalization, the results could hold more significance than some key economic reports and set the tone for the S&P 500 and the Nasdaq Composite for the rest of the week and into year end. Investors will look for demand details on the company's Blackwell AI chips, which CEO Jensen Huang last month characterized as "insane."

Investors have eyed the report as a potential catalyst to reaccelerate the market for the rest of the year, following a fade in the big post-election rally that boosted benchmarks to new highs. Stocks struggled last week as Federal Reserve Chair Jerome Powell signaled that the central bank isn't in a hurry to cut rates. Mounting geopolitical tensions between Russia and Ukraine also spooked markets Tuesday.

Read the U.S. markets live blog here

— Samantha Subin, Brian Evans

Euro-dollar parity is back in focus as Trump win sparks trade jitters

The prospect of the U.S. introducing a swathe of new tariffs under President-elect Donald Trump has led economists to say the euro could return to parity with the U.S. dollar in their 2025 outlooks.

Since Trump's decisive victory in the Nov. 5 election, which also handed the Republican party control of both houses of Congress, the U.S. dollar index — which measures the greenback against a basket of currencies —  has soared to its highest level in a year.

The euro has declined rapidly, meanwhile, briefly dipping below $1.05 on Nov. 14 for the first time since October 2023. Just two months ago, it was trading around $1.17.

Read more on the story here

— Jenni Reid

The best — and worst — performers on the Stoxx 600

The best performer on the Stoxx 600 index was Sage Group, up 19%, after the British software company reported a better-than-expected 21% rise in full-year underlying operating profit.

British water company Severn Trent was another good performer, up almost 4% after reporting a rise in first-half profit before interest and tax.

Commercial property firm British Land, which also reported earnings today, was among the worst performers on the index, its stock down 2%, despite also posting a slight rise in its half-year underlying profit.

The worst performer on the index was national lottery operator La Française des Jeux (FDJ), down 5% after Credit Agricole Assurances announced a sale of FDJ shares.

— Holly Ellyatt

Treasury yields rise as investors weigh geopolitical tensions, economic data

U.S. Treasury yields were higher on Wednesday as investors considered the geopolitical situation and assessed the latest economic data.

At 2:58 a.m. ET, the yield on the 10-year Treasury was up by over four basis points to 4.4178%. The 2-year Treasury yield was last trading at 4.2932% after rising by more than two basis points.

Yields and prices move in opposite directions and one basis point equals 0.01%.

Read the whole story here

— Sophie Kiderlin

What does UK inflation data means for interest rate cuts?

The sharp pick-up in U.K. inflation to 2.3% in October on the back of higher energy prices means the Bank of England (BOE) is likely to take a more gradual approach to interest rate cuts, analysts note. They are saying Wednesday that the data likely closes the door on a December cut:

"Services inflation is set to bounce around 5% into the winter, while headline CPI could get close to 3% in January. That reduces the chance of a rate cut in December, but in the spring, we think there is still a good chance the Bank of England will accelerate its easing cycle," said James Smith, developed markets economist at ING, forecasting a pause at next month's BOE meeting.

Sanjay Raja, chief U.K. economist at Deutsche Bank Research, remarked that the latest inflation print "won't be as encouraging for the Bank of England, who have talked up a gradual approach in dialling down restrictive policy." The central bank, he said, will likely "take a more gradual and cautious path in cutting interest rates. For now, upward pressure in price momentum will rise."

Kris Hamer, director of insight at the British Retail Consortium, commented that the retail industry needs more help from the government, as it prepares for additional cost pressures as a result of U.K. Budget changes, including increases to employers' payroll tax and the minimum wage.

"For an industry that already operates on slim margins, these new costs will inevitably lead to higher prices. There is also the risk of job losses and store closures if retailers attempt to limit the impact on their customers. If the government wants to prevent a return to high inflation, it needs to consider mitigating the impact of these costs on retailers," Hamer said.

— Holly Ellyatt

U.K. inflation picks up in October

U.K. inflation picked up sharply to a higher-than-expected 2.3% in October, data from the British Office for National Statistics showed Wednesday.

The hike marks a sharp increase from the 1.7% rise recorded in September and exceeds the 2.2% forecast of economists polled by Reuters.

Core inflation, which excludes energy, food, alcohol and tobacco, came in at 3.3% for the month, up slightly from 3.2% in September.

Read more on the story here: UK inflation rises sharply to 2.3% in October, above expectations

— Karen Gilchrist

Comcast is moving forward a plan to spin off its cable channels

Comcast is moving forward with a plan to spin off its cable channels including MSNBC and CNBC, according to a Wall Street Journal report on Tuesday.

Disclosure: Comcast owns NBCUniversal, the parent company of CNBC.

— Brian Evans

CNBC Pro: Burberry shares are down 40%. One hedge fund manager says the stock offers 'good value' right now

Is it time to buy the dip in luxury retailer Burberry's shares?

The London-listed fashion house told investors earlier this month that it will refocus on heritage designs and statement pieces as part of sweeping revamp plans to revive its ailing fortunes.

Hedge fund manager David Neuhauser made the case on CNBC's Squawk Box Europe this week.

CNBC Pro subscribers can read more here.

— Ganesh Rao

CNBC Pro: Three global stocks to own in 2025, according to Barclays

The outlook for equity markets looks "decent" going into 2025, according to Barclays, as central banks cut interest rates and the global economy remains resilient.

The bank named "overweight-rated stocks in which our analysts have high conviction in 2025 and see value in owning on an individual basis.

CNBC Pro subscribers can read more here.

— Amala Balakrishner

European markets: Here are the opening calls

European markets are expected to open higher Wednesday.

The U.K.'s FTSE 100 index is expected to open 4 points higher at 8,106, Germany's DAX up 46 points at 19,108, France's CAC up 23 points at 7,252 and Italy's FTSE MIB up 118 points at 33,567, according to data from IG.

Earnings are set to come from Severn Trent and British Land. Data releases include U.K. inflation figures.

— Holly Ellyatt