The FTSE 100 and European markets were lower on Wednesday after chancellor Rachel Reeves delivered Labour's first budget .
The slew of policy announcements from the UK's first woman chancellor set the tone for markets in London on Wednesday, as the government attempts to show how it can balance the £22bn 'black hole' in public finances .
Reeves rolled out changes to a number of things, including capital gains tax, national insurance payments for business and benefits .
Meanwhile, US stocks were cautiously higher after GDP data gave a read on the health of the economy. Third quarter data showed annualised growth of 2.8%, slightly below expectations of 2.9%. Core GDP readings showed growth of 2.2%. In the previous quarter it was 2.8%.
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US stocks made tepid moves in early trade in the US following the GDP data. The Dow Jones Industrial Average ( ^DJI ) and the S&P 500 ( ^GSPC ) were up 0.4% and 0.2% respectively. Meanwhile, the tech-heavy Nasdaq Composite ( ^IXIC ) rose just above the flat line as a fresh batch of earnings rolled in.
Wednesday trade in Asia
Shares across China lost steam on Wednesday as investors look to the looming US election for more certainty.
The CSI 300 ( 000914.SS ) was 1.3% lower, while Hong Kong's Hang Seng ( ^HSI ) closed down 1.6% and the SSE Composite ( 000001.SS ) was down 0.6%.
The Nikkei ( ^N225 ) in Japan bucked the trend, lifted by gains in tech stocks following a raft of megacap earnings.
Overnight in the US
Tech stocks led a mixed day for markets on Tuesday as investors digested new data on job openings and absorbed a fresh wave of earnings, with Alphabet ( GOOG , GOOGL ) kicking off the Big Tech giants after the market close.
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Shares of Alphabet moved around 4% higher in after-hours trading after the company beat third quarter earnings expectations on both the top and bottom lines while its cloud businesses continued to expand.
The Google parent is the first of five " Magnificent 7 " megacaps due to report over the next three days, with the results seen as driving the direction of stocks to kick off November.
Prior to Alphabet's earnings, the tech-heavy Nasdaq Composite ( ^IXIC ) closed Tuesday's session at a record high. The index jumped about 0.8%, buoyed by Broadcom ( AVGO ), which gained over 4% on reports it plans to work with Microsoft-aligned OpenAI ( MSFT ) to develop a new artificial intelligence chip.
The benchmark S&P 500 ( ^GSPC ) followed the Nasdaq's lead, rising around 0.2% after initially opening the day lower. The Dow Jones Industrial Average ( ^DJI ) was the only major index to close in the red, falling around 0.4%, or just over 150 points.
Apple and Android .