European markets lower as investors await growth data, UK budget; UBS up 3% on earnings beat

European markets were lower on Wednesday as investors assessed a fresh batch of corporate earnings, while looking ahead to regional growth data and the U.K. government's budget.traded down around 0.5% shortly after the opening bell, with almost all sectors in negative territory. Food and beverage stocks were among those leading the losses, down nearly 1%.

The Aston Martin DB12 Goldfinger Edition is pictured during the 007 takeover of Burlington Arcade on October 29, 2024 in London, England.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 Volkswagen works council warned earlier in the week that the company's management was planning widespread pay cuts and layoffs.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. 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.

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