This was CNBC's live blog covering European markets.

European markets closed higher Wednesday, following a mixed trading session as investors digested the latest U.S. inflation report and U.K. gross domestic product figures.

The benchmark Stoxx 600 index closed up 0.2%. Retail stocks rose 3.3%, with Germany's Zalando and Spain's Inditex among the top gainers after reporting results.

On Tuesday, U.S. inflation figures for February showed a rise of 0.4% for the month and an increase of 3.2% from a year ago. That was in line with economists' monthly forecast but higher than the 3.1% they expected for the annual figure, according to the Dow Jones consensus.

U.S. stocks rallied after the data, with the S&P 500 and Nasdaq Composite each gaining more than 1%, although stocks have since pared gains.

Investors on Wednesday were monitoring U.K. economic data, which showed a return to moderate growth in January. Services output growth of 0.2% and a bounce in construction output drove gains.

James Smith, developed markets economist at ING, said that while one month of data shouldn't be overstated, the figures were consistent with a "gradual recovery in activity" in the coming months.

"We think the decline in overall fourth quarter GDP, which marked the second consecutive quarter of negative growth and therefore a technical recession, is unlikely to be repeated in the first quarter of 2024," Smith said in a note.

Corporate results meanwhile also landed for sportswear giant Adidas, which reported an operating loss of 377 million euros ($412 million) in the fourth quarter and warned of a sales decline in its overstocked North American market in 2024.

Balfour Beatty rises 9% on solid earnings

Shares of U.K. construction group Balfour Beatty rose 9% on Wednesday on the back of strong full-year earnings.

Revenues rose 7% in 2023 to £9.6 billion ($12.3 billion), while profit from earnings-based businesses was up 2% to £236 million.

The company described the results as signaling resilience against a challenging backdrop, and pointed to future growth opportunities in U.K. energy and transport, as well as U.S. defense markets.

— Karen Gilchrist

U.S. stocks open little changed

U.S. stocks struggled to maintain momentum on Wednesday, following a fresh record high close for the S&P 500 in the previous session.

The broad market index hovered near the flatline. The Dow Jones Industrial Average ticked up 73 points, or 0.2%, while the Nasdaq Composite slipped 0.2%.

— Brian Evans

Volkswagen CFO: We have a ‘very strong position’ in Europe

Arno Antlitz, chief financial officer of Volkswagen, says the company takes its Chinese competitors seriously.

Zara owner Inditex notches record high as sales jump

Shares of Zara owner Inditex hit record highs according to LSEG data, climbing over 6% after the company announced its 2023 full-year results.

Sales increased by 10.4% to 35.9 billion euros for the year, the company said, signaling this was a record high. Net income also reached a fresh high, after soaring by 30.3% from 2022 to reach 5.4 billion euros last year.

Read the full story here.

— Sophie Kiderlin

German online retailer Zalando up 15% on growth outlook

Shares of Zalando soared 15% Wednesday morning after the German online fashion retailer said it expected to return to growth this year, as it reported a revenue decline of 1.9% for the full-year 2023.

The firm forecast both gross merchandise value and revenue growth to come in between 0% and 5% in 2024.

On Tuesday evening, it announced a share buyback program of up to 100 million euros ($109.2 million).

— Jenni Reid

UK GDP growth in January ‘not a hugely positive picture’ but it’s progress, economist says

Jack Meaning, chief U.K. economist at Barclays, discusses the country's gross domestic product growth of 0.2% in January, which comes after a 0.1% contraction in December.

UK economy grows slightly in January

U.K. gross domestic product grew 0.2% in January, the Office for National Statistics said Wednesday, coming in line with expectations.

It follows a fall of 0.1% in December.

The U.K. economy entered a technical recession in the final quarter of last year.

— Jenni Reid

CNBC Pro: Goldman Sachs just added — and removed — stocks on its 'conviction list' of top Asian picks

Goldman Sachs has refreshed its "conviction list" of top picks in Asia Pacific for March, adding some key stocks and removing others.

The bank struck an optimistic tone on the region, noting that its markets had recovered their January losses and were now trading flat year to date.

"Wide market/sector/factor performance disparity and less large cap bias than the U.S. reinforce the theme of intra-regional opportunity," the investment bank's analysts wrote in a March 3 note as it revealed which stocks it had added, and which it had removed.

CNBC Pro subscribers can read more here.

— Amala Balakrishner

CNBC Pro: Sell Nvidia or stick with it? Here's what investors say

Nvidia has had an astronomical rise, soaring over 200% in 2023 alone on the back of the artificial intelligence buzz.

Though the stock dived more than 5% on Friday and by another 2% on Monday, it's still up this year by around 73%.

Is it time to take profit, even if only partially — or should investors stay the course? Here's what those who currently hold Nvidia shares are doing — or planning to do — with their positions.

CNBC Pro subscribers can read more here.

— Weizhen Tan

European markets: Here are the opening calls

European markets are set to open in mixed territory Wednesday.

The U.K.'s FTSE 100 index is expected to open 4 points higher at 7,750, Germany's DAX down 19 points at 17,950, France's CAC 12 points lower at 8,078 and Italy's FTSE MIB down 10 points at 33,735, according to data from IG. 

Earnings are due from Inditex, Adidas and VW, as well as Metro Bank and Balfour Beatty. Data releases include euro zone industrial production figures for January and U.K. gross domestic product estimates for January.

— Holly Ellyatt