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The pan-European STOXX 600 (STOXX) was down 0.3% by 0722 GMT, easing from its strongest close since March 5.
Defensive sectors led Europe lower, with healthcare (SXDP), utilities (SX6P) and consumer companies (SX3P) among the biggest drags, with media (SXMP), down 1.0%, falling the most.
Investors took cheer from European Union members reaching a deal on Tuesday over a 750-billion-euro ($864.68 billion) coronavirus recovery fund, while hopes are also high that Washington will deliver a new round of stimulus.
Swiss engineering firm ABB Ltd (S:ABBN) rose 2.4% after saying its order situation could improve in the coming months.
French car parts maker Valeo SA (PA:VLOF) fell about 5% after it swung to a 1.2 billion euro loss in the first half of 2020, after production was hit due to the pandemic.
