This is CNBC's live blog covering European markets.

European equity markets climbed on Wednesday after tentatively breaking their losing streak at the end of Tuesday's session.

The pan-European Stoxx 600 provisionally closed 0.7% higher, with tech stocks adding 2% to lead gains as most sectors and major bourses advanced. Mining stocks bucked the positive trend to fall by 1.2%.

Investors closely monitored a panel at the European Central Bank forum in Sintra, Portugal, attended by ECB President Christine Lagarde, Bank of England Governor Andrew Bailey, Federal Reserve Chairman Jerome Powell and Bank of Japan Governor Kazuo Ueda.

Powell said there was "more restriction coming," with hikes at consecutive meetings still on the table, as he referenced continued strength in the labor market.

Bailey defended the BOE's decision last week to enact a 50 basis point hike, when a 25 basis point rise had been widely expected. "Our job is to return inflation to target and we will do what is necessary. I understand the concerns that go with that, but I'm afraid I always say that it is a worse outcome if we don't get inflation back to target," he told the panel, moderated by CNBC's Sara Eisen.

Markets received a boost from a slew of data out of the U.S. on Tuesday that eased concerns about a sharp economic slowdown, with increases registered in key capital goods orders and consumer confidence.

At the Sintra forum on Tuesday, participants delivered a "higher for longer" message on rates. ECB Governing Council member Mārtiņš Kazāks told CNBC that markets were pricing in rate cuts too soon and at too fast a pace. Kazāks said he believes "next year is way too early" to think about cuts.

U.S. stocks were flat, while Asia-Pacific markets were mixed as the region digests May inflation figures out of Australia and China releases its industrial profits for May.

Correction: This story has been updated to remove an inaccurate description and video graphic that misrepresented Amazon's current engagement with Ocado.

Fed’s Powell on interest rate hikes: More restriction coming because of strong labor market

CNBC's Sara Eisen speaks with Federal Reserve Chairman Jerome Powell and other global central bank leaders Wednesday morning at a monetary policy forum in Sintra, Portugal. 

U.S. stocks open lower Wednesday

U.S. stocks opened lower Wednesday.

The Nasdaq Composite lost 0.3%, while the Dow Jones Industrial Average fell 65 points, or 0.2%. The S&P 500 lost 0.3%.

— Sarah Min

Investors need to position before central banks communicate a pivot, CIO says

Mathias Heim, chief investment officer at Bellecapital, shares his view on company valuations and the monetary policy outlook.

Ocado is ‘flipping grocery operations on its head,’ analyst says

James Lockyer, analyst at Peel Hunt, weighs in on the outlook for Ocado's business model.

Siemens Energy shares up 5%, leading Stoxx 600

Siemens Energy shares climbed 5% by mid-morning on Wednesday, attempting to recoup heavy losses suffered late last week after the German company reported costly long-term failures at its wind turbine unit, Siemens Gamesa.

The Siemens Gamesa board has initiated an "extended technical review" aimed at improving product quality that the parent company said will incur "significantly higher costs" than previously assumed, now estimated to be in excess of 1 billion euros ($1.09 billion).

— Elliot Smith

Stocks on the move: Sage, Thule Group lead gains

Shares of British software firm Sage Group climbed 3.8% in early trade to lead the Stoxx 600 after JPMorgan upgraded the stock from neutral to overweight and raised its target price.

Swedish outdoor company Thule Group also added 3.7%.

— Elliot Smith

ECB chief economist warns markets against pricing rate cuts within the next two years

European Central Bank Chief Economist Philip Lane on Tuesday warned markets against pricing in cuts to interest rates within the next two years.

The ECB has raised rates by 400 basis points since July 2022. Markets have priced in another 25 basis point increase next month and are mulling a further hike in September, but some economists have speculated that the ECB may have to reverse its monetary tightening as higher rates push the euro zone economy into reverse.

However, Lane suggested policymakers will need to stay the course and keep monetary conditions restrictive for some time.

"We will have a sustained period where rates need to remain restrictive to make sure we don't have any new shock that takes us away from 2% and that durability of restrictiveness is very important," he said.

"When I look at the horizon for the next couple of years, I don't see rapid rate cuts, so I don't think it's appropriate to have rapid rate cuts price in in expectation."

— Elliot Smith

European markets: Here are the opening calls

European markets are set to open in positive territory across the board, according to IG data. The FTSE 100 looks poised for a 21-point uptick to 7,482, while Germany's DAX is forecast to open 53 points higher at 15,900. France's CAC will be up by 22 points to 7,238, IG says, while Italy's FTSE MIB will jump 92 points to 27,493.

— Hannah Ward-Glenton

CNBC Pro: Fund manager makes bold call that oil prices will double, picks stocks to cash in

Bill Smead, chief investment officer at Smead Capital Management, has a bold market call: that oil prices could soar more than 100% in the next few years.

The picture painted by OPEC earlier this week also suggests strong demand well into the future.

Two fund managers name their favorite stocks to play the possible rise in crude prices.

CNBC Pro subscribers can read more here.

— Weizhen Tan

U.S. considering new chip restrictions on China: WSJ

The U.S. is considering new restrictions on exports of artificial intelligence chips to China, according to the Wall Street Journal.

Citing people familiar with the matter, the Journal reported the U.S. Commerce Department could stop shipments of chips made by Nvidia and other companies to customers in China as early as July.

Shares of mainland Chinese semiconductor companies tumbled on Wednesday, with SMIC losing 2.42% and Hua Hong Semiconductor sliding 3.19%

— Lim Hui Jie

CNBC Pro: Goldman Sachs names 5 tech stocks set for a profit boost, giving one 50% upside

Goldman Sachs has named the tech stocks it expects to become more profitable over the next two years.

The Wall Street bank said it has seen a shift in the mindset of company executives from prioritizing growth to profitability.

Goldman Sachs believes that the bulk of the margin expansion is yet to come as companies start to realize the full benefits of cost-cutting measures implemented in the first half of 2023.

CNBC Pro subscribers can read more about the 5 stocks here.

— Ganesh Rao