Robust performance acknowledged at its annual general meeting
At 0830 GMT, the FTSEurofirst 300 index of top European shares was down 0.2 percent at 1,220.31 points after ending the previous session flat.
Auto stocks fell on worries over U.S. demand and a stronger euro, with Daimler, BMW and Fiat losing 2-4 percent.
"Markets feel as if they have been consolidating for the past few sessions, wondering if there could be light at the end of a darkening tunnel," said Darren Winder, head of macro and strategy research at Cazenove.
"The oil price is a key consideration in that and we seem to be stuck in the $130s, which could have a significant impact on inflation development in the second half."
BP, Shell and Total gained 0.8-1.0 percent as crude rose more than $1 a barrel to around $138.
Dutch semiconductor equipment maker ASML was another prominent gainer, rising 3.7 percent jump after Goldman Sachs upgraded the stock.
Miners gained as gold rose $4 per ounce. Rio Tinto rose 1.6 percent and BHP Billiton 1.8 percent.
Across Europe, Britain's FTSE was up 0.1 percent, bolstered by commodity stocks, but Germany's DAX and France's CAC were both down 0.4 percent.
Fed Ahead
The Federal Reserve, which has cut borrowing costs by 2.25 percentage points so far this year, is expected to keep rates steady at 2 percent, but is being watched closely for the signals it sends on future policy.
"The Fed will be watched to see if there is any change in emphasis on growth versus inflation...we've been getting more hawkish talk from Fed on inflation in recent weeks and we don't think anyone is expecting them to cut rates," said Winder.
The U.S. central bank is due to make its announcement at 1815 GMT on Wednesday.
Analysts say that rising yields on government bonds are increasingly pressuring equity valuations, and Winder said that telecoms and tobacco stocks, in particular, were losing their yield attractiveness.
Swedish truckmaker Volvo fell 4.3 percent after delivery numbers for May disappointed, while among mid-caps, British department stores group Debenhams rose 7 percent after like-for-like sales rose by more than expected in the last 10 weeks.
The FTSEurofirst 300 has fallen nearly 9 percent this month, marking the fifth down month out of six this year.
The index is down 19 percent for the year, taken lower by concerns over bank capital increases stemming from credit-market related losses, and by worries over the economy and inflation pressures due to soaring oil costs.
Robust performance acknowledged at its annual general meeting
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