This is CNBC's live blog covering European markets.

European markets fell for a second straight day Thursday as investors focused on geopolitics and a big budget announcement in the U.K.

The Stoxx 600 index provisionally closed down 0.5 after fluctuating between marginal gains and losses in early trade.

France's CAC 40 saw the biggest fall among the major bourses, shedding 0.6%, as Germany's DAX nudged up 0.2% and the FTSE 100 lost 0.1%.

Technology stocks added 0.3% for the session, while all other sectors were either flat or in negative territory. Mining stocks led the losses with a 1.8% decline.

Global markets were watching developments in Ukraine as the fallout from a missile hitting Polish territory continued. NATO said it was likely that Ukrainian air defenses were trying to intercept Russian missiles when the incident occurred on Tuesday evening.

Ukraine has said it wants to be part of a joint investigation into what happened and to see evidence that its own forces were behind the strike that killed two Polish civilians.

In the U.K, Finance Minister Jeremy Hunt announced his latest fiscal statement, which contained billions of pounds worth of spending cuts and tax hikes.

Overnight, shares in the Asia-Pacific traded mostly lower with the Hang Seng Index falling 2.5% as Chinese technology stocks saw sharp losses.

U.S. stock futures fell on Thursday, with investors poised to monitor more than half a dozen speakers from the Federal Reserve at events around the country.

European stocks close lower for second straight day

European stocks extended the week's losses as the Stoxx 600 index provisionally closed down 0.5%.

The technology sector posted gains of 0.3%, but all others were either flat or in negative territory. Mining stocks fell 1.8% to lead losses, while retail stocks dropped 1.5% and oil and gas stocks dropped 1.2%.

— Jenni Reid

Pound falls 1.1% and gilt yields rise on U.K. budget announcement

Sterling was trading around 1.1% lower against the U.S. dollar at $1.1777 during late afternoon deals in London.

It comes shortly after U.K. Finance Minister Jeremy Hunt unveiled a fiscal plan involving £30 billion ($35.3 billion) in spending cuts and £25 billion in tax hikes.

Hunt said it was a bid to restore Britain's economic credibility and give "the world confidence in our ability to pay our debts" after a widely-condemned mini-budget rocked financial markets.

The U.K.'s independent Office for Budget Responsibility predicted real household disposable income would fall by 4.3% in 2022-23, the largest single-year decline since records began in 1956-57.

Yields on 10-year and 30-year U.K. bonds, known as gilts, inched higher in the wake of the announcements. Meanwhile, short-dated gilts rose by 10 basis points. Yields move inversely to prices.

— Jenni Reid

Stocks on the move: Siemens and Centrica up, Ocado and Hellofresh down

Germany's Siemens and British Gas owner Centrica were the top performers in afternoon trading, gaining 6.4% and 5.6%, respectively.

Shares of Centrica rebounded after dipping on news that the U.K. will increase its windfall tax on energy firms from 25% to 35%.

However, food delivery stocks wilted, with Berlin-based meal-kit firm HelloFresh losing 8% and grocery service Ocado down 9.5%.

The Ocado fall followed an analyst note from Kintbury Capital which forecast a 50% downside for the stock.

— Jenni Reid

UK now in recession, finance minister says

The U.K. is now in recession, according to statistics from the Office for Budget Responsibility, announced by Finance Minister Jeremy Hunt.

Hunt said "difficult decisions" would be made to tackle inflation amid the cost-of-living crisis.

— Hannah Ward-Glenton

Sterling drops as UK Finance Minister Jeremy Hunt delivers budget statement

Sterling fell in value as U.K. Finance Minister Jeremy Hunt delivered an autumn fiscal statement.

The currency dipped as much as 0.69% against the dollar as Hunt announced tax increases for high earners and a temporary levy on electricity generators.

— Hannah Ward-Glenton

Shares on the move: Siemens up 7%, NN Group down 6%

Shares of Siemens climbed after the company beat analyst expectations by raising its dividend on fourth quarter earnings. The move was driven by increased profit across all of Siemens' industrial businesses and has prompted a 7% increase in share price.

Financial services company NN Group shares have tumbled 6% after the organization posted 2025 targets that were below expectations. The Dutch insurer also maintained its buyback policy.

— Hannah Ward-Glenton

War in Ukraine is the ‘single most important negative factor’ for global economy: IMF chief

Russia's war on Ukraine is the "single most important negative factor" for the world economy this year — and most likely for 2023 as well, IMF chief Kristalina Georgieva told CNBC on Wednesday. 

Speaking on the sidelines of the Group of 20 meeting in Bali, Indonesia, Georgieva commented on the missile that struck Polish territory late Tuesday, which killed two civilians. 

While she applauded the G-20 members' draft declaration that condemned Russia's aggression against Ukraine, Georgieva said that the focus of the summit has been "very pressing problems" — such as global inflation, rising costs of living, food and energy security.

"I was listening very carefully to all the statements and it's encouraging that these are the issues we are focusing on — as we must," she said.

The IMF previously issued warnings on the fragmentation of the global economy due to the war, and slashed 2023 growth forecasts from an expected 3.2% in 2022 to 2.7%.

Read the full story here.

—Goh Chiew Tong

CNBC Pro: Should investors get back into tech? Here's what the pros say, and how to trade it

It has been a brutal year for tech, as markets flee growth stocks amid rising rates and other headwinds.

The tech industry has also been hit by layoffs. With inflation figures rising less than expected, however, Big Tech stocks rallied last week on investor hopes that a peak could be in sight.

Should investors get back into tech at all, or is it too soon? Here's what Citi and other pros said.

CNBC Pro subscribers can read more here.

— Weizhen Tan

CNBC Pro: The Fed 'pivot' is dead, says strategist, who shares where to invest right now

Fidelity says the notion that a pivot from the Federal Reserve's hawkish stance will benefit equities is "dead."

Salman Ahmed, global head of macro and strategic asset allocation at the investment management firm, said he is concerned about short-term stock performance and suggests investor consider a different asset class instead.

Subscribers can read more here.

— Ganesh Rao

European markets: Here are the opening calls

European markets are set to open mixed on Thursday as political uncertainty continues in the region.

The U.K.'s FTSE index is expected to open 21 points lower at 7,348, Germany's DAX up 5 points at 14,239, France's CAC down 2 points at 6,605 and Italy's FTSE MIB up 40 points at 24,739, according to data from IG.

Global markets will be watching developments in Ukraine as the fallout from a missile hitting Polish territory continues. NATO said it was likely that Ukrainian air defenses were trying to intercept Russian missiles but Ukraine has said it wants to see evidence that its own forces were behind the strike that killed two Polish civilians.

In the U.K, Chancellor Jeremy Hunt will announce his latest fiscal statement on Thursday which is expected to contain billions of pounds' worth of spending cuts and tax hikes.

Earnings come from Vodafone and Virgin Money on Thursday. Data releases include European car registration data for October.

— Holly Ellyatt