The pan-European Stoxx 600 index fell 0.22% at 0835 GMT, with shares of oil and gas companies down 0.9%, following the impact of oil prices.
The US Federal Reserve is expected to raise interest rates by 25 basis points on Wednesday, but investors will still be waiting to see if the US central bank signals that it will stop raising interest rates after May.
HSBC Holdings jumped 3.9% after quarterly profit beat expectations and tripled, benefiting from higher interest rates around the world.
Electrolux rose 6.6% and was the biggest gainer in the index after reports that Chinese group Midea was close to a possible takeover of the Swedish appliance maker.
On the other hand, BP shares fell 3% after the company ended a share buyback plan, despite posting better-than-expected profits of $5 billion in the first quarter of 2023.
Investors are awaiting preliminary Eurozone inflation figures for April, due at 09:00 GMT, to gather additional clues to anticipate the ECB’s monetary tightening path.
The European Central Bank is expected to raise interest rates for the seventh consecutive time at Thursday’s meeting, and market expectations indicate that it will raise them by 50 basis points.
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