Michael Owen capped a magnificent week in his young life with his first Premiership hat-trick to save Liverpool from defeat.

The striker's three goals take his season's tally to 17 and lifts his side into second place in the Premiership.

If manager Roy Evans had considered leaving out the teenager to give him a rest after his international exertion, he no doubt was glad to have decided against such action.

Liverpool looked beaten when Sheffield Wednesday's £3million signing Andy Hinchcliffe put the home side 3-1 ahead with 21 minutes remaining.

But Owen, who had been a threat the entire match, scored twice more to complete a hat-trick just four days after becoming the youngest England international this century against Chile at Wembley.

In a remarkable match which featured six goals, countless near misses and a series of fine saves, it was the home side who took the lead after seven minutes.

Hinchcliffe's 40-yard pass from the left-back position fell into the path of his striking colleague Benito Carbone, and the Italian hit a delightful lob from 20 yards over the stranded Liverpool keeper David James.

Earlier Sheffield Wednesday Paolo di Canio had a header cleared off the line and Sheffield Wednesday keeper Kevin Pressman made a fine save from Steve McManaman's 25-yard effort.

The early action was to set the tone for the rest of the match.

Liverpool began to dominate the game after going behind and it was the 18-year-old Owen who struck the 27th minute equaliser after an inch perfect through ball from McManaman.

The youngster found himself one-on-one with Pressman and came out the winner.

Pressman did get his own back six minutes later when he came out on top in a similar situation.

The first half drama was surpassed by events in the second half.

England and Liverpool midfielder Paul Ince struck a wonderful volley, forcing Pressman to save on the hour but it was Sheffield Wednesday who took the lead unexpectedly when Ian Nolan crossed from the right after 63 minutes and di Canio headed from just inside the box off the underside of the crossbar.

That 63rd minute effort shocked Liverpool and before they could regroup they found themselves two goals adrift.

A 69th minute corner fell to Mark Pembridge, who shot from a tight angle which James should have collected.

But the goalkeeper failed to hold onto the shot and Hinchcliffe was first in for the kill, bundling the ball home from the six-yard box.

Liverpool, eight games unbeaten before the shock defeat at home to Southampton last week, looked to be victims of their own inconsistencies once again.

But after 73 minutes they fought their way back when Robbie Fowler underlined his recent misfortunes by hitting the post, although Owen was in the right place to strike the rebound.

Czech international Patrik Berger then hit the post on Liverpool's next attack before Liverpool got the equaliser.

Twelve minutes from time Ince found Owen, who shrugged off his marker and placed the ball wide of Pressman.

The final minutes were packed with incidents with Fowler going close and Pressman denying Owen a fourth.

Pressman had the last word in injury time when he beat down Fowler's effort after the striker had been given a free shot

Teams

Sheff Wed: Pressman, Atherton, Nolan, Pembridge (Whittingham 81), Newsome, Walker, Carbone, Di Canio, Hyde (Magilton 45), Hinchcliffe, Rudi.

Subs Not Used: Clarke, Mayrleb, Oakes.

Booked: Hyde, Rudi.

Goals: Carbone 7, Di Canio 63, Hinchcliffe 69.

Liverpool: James, Jones (Riedle 71), Kvarme (Berger 71), McManaman, Leonhardsen, Fowler, Harkness, Ince, Owen, Matteo, Carragher.

Subs Not Used: Bjornebye, Murphy, Friedel.

Booked: Harkness.

Goals: Owen 27, 73, 78.

Att: 35,405

Ref: M D Reed (Birmingham).