European stock markets dwindle as investors digest Fed Minutes

European stock markets opened Wednesday trade sharply lower as Wall Street was on a selloff overnight amid pressing concerns over inflation and future Federal Reserve policy.

Germany’s DAX futures contract lowered 0.2%. CAC 40 futures in France dipped 1.2% and the FTSE 100 futures contract in the U.K. dropped 0.9%.

Wall Street’s major indices lost their early gains, suffering a sharp selloff towards the end of the trade session. The major stocks ended in the red due to investors fearing holding these growth companies into the release of the minutes of the last Federal Reserve meeting.

Investors will scrutinize the Fed’s April meeting minutes as soon as they are publicized later Wednesday to get hints about the central bank’s stance in considering cutting back its bond purchases. This move is seen to cause an interest rate hike.

In other news, gold futures gained 0.3% to $1,874.10/oz, while EUR/USD rose 0.2% at 1.2240.