European stocks opened lower on Thursday after a weak trading session on Wall Street the day before, when the Federal Reserve announced a widely anticipated interest rate increase of 25 basis points and hinted that it might soon pause its tightening policy.
Investors expect interest rate hikes from central banks in the UK, Norway, and Switzerland later today.
Sanofi's shares rose by 3.9% after the French pharmaceutical company announced that its asthma and eczema drug, developed in partnership with Regeneron, achieved all objectives in trials for treating "smoker's lung."
The European Stoxx 600 index fell by 0.4% by 08:08 GMT after closing at its highest level in over a week on Wednesday.
Meanwhile, U.S. stock futures steadied following a turbulent session on Wall Street after the Fed raised interest rates to a range between 4.75% and 5% despite recent turmoil in the banking sector, and it softened its rhetoric about "continued increases" in rates.
European bank stocks dropped by 1%, leading losses in the financial sector. Citigroup downgraded the credit rating for the sector, warning that the rapid pace of interest rate hikes would impact economic activity and bank profits.
