European markets bounced back to close higher on Wednesday as investors in the U.K. digested the 2024 budget statement.
European markets
The pan-European Stoxx 600 provisionally closed 0.4% higher, with most sectors and major bourses in positive territory. Technology stocks climbed 1.35%, with the sector also powering gains stateside, while media stocs fell 0.5%.
The U.K. budget was presented by British Finance Minister Jeremy Hunt, and contained announcements on the abolition of non-domiciled tax status as well as a reduction in National Insurance.
Investors are also assessing Fed Chair Jerome Powell's testimony before the House Financial Services Committee on Wednesday. Powell again said he expects interest rates to start coming down this year, but it is not clear when.
Asia-Pacific markets were mixed Wednesday, with Hong Kong stocks leading gains in the region and up over 2%. Mainland Chinese stocks slid, sending the CSI 300 down 0.6%, after a tech slide on Wall Street led by Apple, following a report that iPhone sales dropped in China.