European stocks rose on Tuesday, supported by financials, as markets drew closer to an expected start to the U.S. Federal Reserve's monetary easing cycle that could see policymakers deliver an outsized rate reduction.

People’s Bank of China governor Pan Gongsheng unveiled the stimulus package at a press conference on Tuesday, during which he announced a 50 basis point interest rate cut and new support for China’s housing and equity markets.

European shares opened lower on Wednesday as a rally sparked by China's stimulus package lost steam, while falls in technology and oil stocks also added to the losses. The pan-European STOXX 600 index was down 0.

European stocks climbed back toward a record high, lifted by a fresh wave of stimulus from China to revive its economy.

UK shares slipped on Wednesday, retracing gains from the previous session, as investors questioned whether the optimism over extensive stimulus measures in China was overdone.

European stocks were lower Wednesday morning, paring gains from the previous session on the back of Chinese stimulus measures.