The continent-wide STOXX 600 index was down 0.5% by 0711 GMT.
The index logged its best one-day performance since mid-March on Tuesday after weaker U.S. manufacturing data, shrinking U.S. job openings and a smaller-than-expected rate hike from the Reserve Bank of Australia spurred hopes that central banks globally could shift to less aggressive rate hikes in future.
All eyes are now on composite PMI data for UK and euro zone, and U.S private payrolls numbers for further evidence on that narrative.
Automobile and travel and leisure fell more than 1% each, the most among the STOXX 600's sectoral indexes.
Among single stocks, crisis-hit airline SAS rose 2.9% after it reached agreements with 10 of its lessors representing 36 aircraft to amend the terms of existing lease contracts
Tesco fell 1% after Britain's biggest retailer forecast full-year core profit to be around the lower end of its previous guidance, saying there were significant uncertainties over the macro outlook.
(Reporting by Devik Jain in Bengaluru; Editing by Subhranshu Sahu)