This is CNBC's live blog covering European markets.

European markets closed lower on Wednesday as jitters set in over the state of the global economy.

The pan-European Stoxx 600 ended 0.6% lower, with the oil and gas sector down 2% to lead losses. Mining stocks followed, down 1.7%, while health care stocks added 0.7%.

Meanwhile, U.S. stocks moved lower as traders considered the possibility of a recession and the likelihood of a lengthy cycle of hikes from the Federal Reserve.

Sentiment was mixed overnight with shares in the Asia-Pacific region broadly retreating, weighed down by major U.S. indexes that fell more than 1% each Tuesday as recession concerns grew.

JPMorgan Chase CEO Jamie Dimon told CNBC on Tuesday that American consumers are still supporting the U.S. economy with consumer spending, but that may change in 2023.

Consumers have $1.5 trillion in excess savings from pandemic stimulus programs and are spending 10% more than in 2021, he said Tuesday on CNBC's "Squawk Box."

"Inflation is eroding everything I just said, and that trillion and a half dollars will run out sometime mid-year next year," Dimon said. "When you're looking out forward, those things may very well derail the economy and cause a mild or hard recession that people worry about."

Downturn in private equity transactions set to continue into 2023, fund manager says

The downturn in private equity transactions is set to continue into the first quarter of 2023, according to a trust fund manager at Abrdn.

Alan Gauld, private equity opportunities trust fund manager at Abrdn, discussed the firm's 2023 outlook for private equity on "Squawk Box Europe."

Airbus shares down almost 3% after lowered delivery target

Shares of Airbus dropped 2.6% after the company scrapped its 2022 forecast for aircraft deliveries and adjusted its production ramp-up plans.

The planemaker said its target of "around 700" deliveries in 2022 was out of reach but it doesn't expect to fall "materially short" of the forecast.

Airbus has blamed supply chain disruptions for the delivery shortfall.

— Hannah Ward-Glenton

Stocks on the move: Health care gains amid downbeat market

Health care stocks continued to buck the negative trend in early afternoon trading, adding 0.5% with all other sectors in the red or flat.

The Stoxx 600 index was topped by drugmakers GSK (+7.7%), Indivior (+5.8%), Sanofi (+5.7%) and Haleon (+3.9%), after a U.S. judge dismissed thousands of lawsuits claiming that the heartburn drug Zantac caused cancer.

The potential for billion-dollar payouts wiped almost $40 billion off the market value of GSK, Sanofi, Pfizer and Haleon over roughly a week in August, Reuters reported.

— Jenni Reid

Deep, global recession is a likely scenario for 2023: Analyst

Stephane Renevier, an analyst at Finimize, speaks on CNBC's "Squawk Box Europe."

Euro zone economic growth revised up for the third quarter

Euro zone GDP grew by 0.3% in the third quarter for a 2.3% annual climb, Eurostat said Wednesday, an upward revision from previous flash estimates of 0.2% and 2.1% published in mid-November.

Household spending and gross fixed capital formation offered the largest contributions to growth, while geographically, the strongest performer was Ireland, which recorded growth of 2.3%.

- Elliot Smith

Stocks on the move: GSK up 11%, SBB down 5%

Shares of GSK and Sanofi were up 11% and and 6%, respectively, on Wednesday morning after a U.S. court dismissed thousands of lawsuits claiming that heartburn drug Zantac caused cancer.

At the bottom of the Stoxx 600, Swedish real estate company SBB fell 5%.

- Elliot Smith

China’s reopening is a bigger driver for oil prices than cap on Russian crude, says Singapore official

China's reopening will be a bigger driver for oil prices that the cap on Russian oil, Singapore's foreign minister Vivian Balakrishnan told CNBC on Tuesday.

"I would expect to see a significant opening," Balakrishnan said. "Now that has profound implications for the global economy, more so than an oil price cap."

China's medium to long-term playbook should hence focus on improving vaccination rates, Balakrishnan said.

"You can open up if you've got high vaccination rates. So I'd be watching to see what efforts China makes to ramp up vaccination in the seniors," he added.

Read the full story here.

— Charmaine Jacob

CNBC Pro: UBS says shares in this global airline are set to soar by 55%

Shares of a global airline are set to soar by 55% over the next year, according to UBS.

The investment bank raised its price target after the pan-European airline said it expects to see bumper demand during Christmas.

CNBC Pro subscribers can read more here.

— Ganesh Rao

CNBC Pro: 'A gift to investors': BlackRock says it's time to rethink bonds

It's time to rethink bonds, according to the BlackRock Investment Institute, which said "the lure of fixed income is strong" right now.

"Higher yields are a gift to investors who have long been starved for income. And investors don't have to go far up the risk spectrum to receive it," Philipp Hildebrand, vice chairman of BlackRock, and Jean Boivin, head of the BlackRock Investment Institute, wrote in a note last week.

They outlined their top ways to cash in.

Pro subscribers can read more here.

— Zavier Ong

Inflation is eroding consumer wealth and may bring 2023 recession, Dimon says

American consumers are still doing well and supporting the U.S. economy, but that may change next year, according to JPMorgan Chase CEO Jamie Dimon.

Consumers have $1.5 trillion in excess savings from pandemic stimulus programs and are spending 10% more than in 2021, he said Tuesday on CNBC's "Squawk Box."

"Inflation is eroding everything I just said, and that trillion and a half dollars will run out sometime mid-year next year," Dimon said. "When you're looking out forward, those things may very well derail the economy and cause a mild or hard recession that people worry about."

Dimon also opined on cryptocurrencies, the necessity of fossil fuels and other topics during the wide-ranging interview.

— Hugh Son

European markets: Here are the opening calls

European markets are heading for a lower open on Tuesday with global sentiment generally downbeat this week.

The U.K.'s FTSE index is expected to open 7 points lower at 7,549, Germany's DAX 24 points lower at 14,423, France's CAC down 18 points at 6,678 and Italy's FTSE MIB down 47 points at 24,574, according to data from IG.

Data releases include Germany's industrial orders for October. There are no major earnings.

— Holly Ellyatt