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The pan-European STOXX 600 index fell 0.3% by 0810 GMT, after hitting its highest level since late February 2020 on Tuesday.
Economically sensitive sectors such as miners, travel & leisure and industrial companies led the declines in Europe, while telecoms and real estate stocks edged higher.
Meanwhile, data showed China’s factory gate prices rose at the fastest pace since November 2018 in February.
Among individual stocks, Zara-owner Inditex (MC:ITX) slipped 1.2% after it reported a 70% fall in 2020 net profit as a year of global lockdowns kept many of its shops shut.
Just Eat Takeaway.com rose 2.9% after the food-ordering company said it expected further growth in 2021.
