This is CNBC's live blog covering European markets.

European stocks closed slightly lower Wednesday, with sentiment downbeat and markets lacking direction.

The pan-European Stoxx 600 index closed 0.2% lower, with sectors pointing in opposite directions. Healthcare stocks led losses, down 1.4%.

Meanwhile, retail stocks notched a 2% rise as oil and gas stocks gained 1%.

Embattled Nordic property group SBB climbed 9.8% as turbulence in its share price continued after it said its CEO was stepping down. The firm has plunged more than 70% over the last year and recently confirmed it is exploring options including a sale, with Bloomberg reporting Friday it has attracted early-stage interest from investors including Brookfield Asset Management.

Asia-Pacific markets traded mixed as China's trade data missed forecasts, with exports tumbling 7.5% year on year, sharply lower than the 0.4% fall expected, while imports saw a smaller fall of 4.5% year on year, lower than the 8% that was forecast.

U.S. stocks were flat after the S&P 500 notched its highest closing level of 2023.

Volvo Cars CEO discusses the firm’s new fully electric SUV

Jim Rowan, CEO of Volvo Cars, discusses the launch of the company's first fully electric SUV.

U.S. stocks rise slightly to start the session

The Dow and S&P 500 were up slightly to start the session, while the Nasdaq Composite climbed 0.4%.

— Fred Imbert

UK inflation rate predicted to be higher than all other advanced economies

The U.K. will experience the highest level of inflation among all advanced economies this year, according to data from the Organization for Economic Cooperation and Development.

The U.K. is set to report a headline inflation of 6.9% this year, above the OECD average of 6.6% for 2023. Among the countries analyzed in the latest OECD economic outlook, only Argentina and Turkey are expected to have a higher headline rate than the U.K. Sanctions-struck Russia is forecast to have a headline inflation of just under 5.4% in 2023.

— Silvia Amaro

UK house prices fall annually for first time in a decade

U.K. house prices measured by the Halifax House Price Index fell year on year for the first time since December 2012.

Annual house price growth was -1%, thanks in part to the exceptional strength of the market a year ago, while the price of the average house remained flat in May month on month at £286,532 ($357,000).

Property prices have fallen roughly £7,500 from their peak last August but are still £25,000 above their level two years ago, bank Halifax said.

Kim Kinnaird, director at Halifax Mortgages, said the hit to household budgets from the cost of living and higher mortgage rates were beginning to be felt, and buyers and sellers were reassessing expectations amid shaky confidence in the market.

Kinnaird said further downward pressure on house prices was expected, though continued strength in the labor market and rising wages should provide support.

— Jenni Reid

Vodafone and Hutchison set to announce UK merger: Reuters

Telecom firm Vodafone is set to confirm the final details of the merger of its British operations with Hong Kong's CK Hutchison Holdings this week or early next, sources told Reuters.

Hutchison runs U.K. network Three.

Vodafone will own 51% of the group — set to be Britain's largest mobile operator — and Hutchison will own 49%, in line with a previous announcement, one source said.

— Jenni Reid

This could be the start of the end for the ESG hype party, Hargreaves Lansdown says

Emma Wall, head of investment analysis and research at Hargreaves Lansdown, discusses the market outlook and the future of environmental, social and governance.

Turkish lira hits record low against U.S. dollar

The Turkish lira hit a record low of 23.1 lira to the U.S. dollar as concerns about future policy grew. The currency started the year at around 18.7 lira to the dollar.

The plummet comes just days after President Erdogan elected former economy chief Mehmet Simsek as his new treasury and finance minister. Simsek had been known for his market-friendly policies, and his appointment prompted some optimism that the country could turn around its bleak economic outlook.

Turkey's lira had sunk to a new record low on May 28 after incumbent Erdogan secured victory in the 2023 presidential election. The president extended his rule into a third decade.

Inflation in Turkey dropped to 39.6% year on year Monday, down from 43.4% in April, but remains one of the highest rates in the world as Erdogan continues to rule out interest rate hikes.

— Hannah Ward-Glenton

CNBC Pro: These 9 global stocks have raised dividends for the last 30 years

Nine global stocks have raised dividends every year for the past three decades, according to CNBC Pro analysis.

CNBC Pro sieved through more than 92,000 global stocks to identify the companies that consistently reward their shareholders.

CNBC Pro subscribers can read more here.

— Ganesh Rao

CNBC Pro: Wall Street pros see the S&P 500 rallying further — and reveal how best to play it

The S&P 500 is going from strength to strength this year, closing at a one-year high last Friday and up over 10% year-to-date.

While many analysts have cautioned that the rally could be a narrow-based one, with gains driven by just a few major tech stocks, some Wall Street pros are expecting the S&P 500 to rally further. They also have some tips on how to trade right now.

CNBC Pro subscribers can read more here.

— Weizhen Tan

European markets: Here are the opening calls

European markets are expected to open cautiously higher Wednesday.

The U.K.'s FTSE 100 index is expected to open 1 point lower at 7,631, Germany's DAX 17 points higher at 16,008, France's CAC 5 points higher at 7,218 and Italy's FTSE MIB 5 points higher at 27,057, according to data from IG.

Data releases include Germany's industrial output in April. There are no major earnings releases.

— Holly Ellyatt