European stocks closed sharply lower Wednesday, amid a global sell-off for equities, with technology and mining stocks leading the losses.

The pan-European Stoxx 600 closed provisionally down by 1.46 percent. Tech and basic resources were the two biggest losers on aggregate, but most sectors struggled amid fears over global economic growth and rising interest rates.

Investor sentiment has taken a hit this week after an IMF report lowered its global gross domestic product forecast for both this year and next. In the United States, fears that the Federal Reserve is ready to push the cost of borrowing higher has also had a knock-on effect to global markets.

The FTSE 100 in London closed lower by around 1 percent while Germany and France's main markets both shed around 2 percent in overall value.

Looking at individual companies, shares of luxury firms filled the bottom of the Stoxx 600 Wednesday. LVMH ended down by 7.14 percent after reporting a slowdown in sales. Other luxury brands were also below the flatine, with Moncler off by 10.85 percent and Kering down by 9.62 percent. According to Reuters, Morgan Stanley cut its EU luxury goods sector rating to "underweight."

Wirecard sat at the bottom of Europe's main index after slipping more 14.2 percent. The German tech firm giving up all and more of Tuesday's strong gains.