By Caitlin Ostroff

European stocks drifted lower Wednesday after U.K. lawmakers endorsed the terms of a Brexit agreement but rejected the government's proposed timetable, leaving investors grappling with extended uncertainty.

The Stoxx Europe 600 index ticked down 0.1%, while the U.K.'s FTSE 250 was broadly flat. The British pound, which had fallen sharply after Tuesday's votes, edged down 0.2%.

Parliament's rejection of Prime Minister Boris Johnson's legislative schedule for Brexit reduced the likelihood of a departure by Oct. 31, said Michael Hewson, chief market analyst at CMC Markets. Mr. Johnson said Tuesday he would try to trigger an election if lawmakers move too slowly in considering his deal.

"There are a lot of moving parts," which makes it hard for investors to position for what happens next, Mr. Hewson said. "We are now in extension territory and we've been in that territory for a while."

Futures tied to the Dow Jones Industrial Average fell 0.1%. Changes in futures don't necessarily predict moves after the opening bell.

As investors flocked to haven assets, eurozone government bond yields edged lower while the Japanese yen ticked higher and gold prices rose.

The German 10-year bund yield dropped to minus 0.402%, from minus 0.365% on Tuesday. The rate on 10-year U.K. gilts fell to 0.657% from 0.715% Tuesday afternoon. Gold rose 0.6%, while the yen traded 0.1% higher against the U.S. dollar.

Meanwhile, technology stocks edged down in Europe as disappointing third-quarter results from Texas Instruments sent its shares down 10% in after-hours trading and weighed on chip makers globally.

STMicroelectronics dropped 2.8%, while Japan's Renesas Electronics fell 5.3% and South Korea's SK Hynix slumped 1.8%.

In Hong Kong, the Hang Seng Index fell 1% amid reports that China is preparing to replace Hong Kong leader Carrie Lam.

More third-quarter earnings are due later in the day, with heavyweights like Blackstone Group, Boeing, Caterpillar, Microsoft, Ford Motor and Tesla set to report.

Write to Caitlin Ostroff at caitlin.ostroff@wsj.com

(END) Dow Jones Newswires

October 23, 2019 05:27 ET (09:27 GMT)

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