Europe open: Shares slip as investors digest rate moves, await Fed

(Sharecast News) - European shares opened lower on Tuesday as investors digested interest rate decisions from Japan and Australia and cast their eyes to the US as central bankers prepared to start their latest policy meeting.

The pan-European Stoxx 600 index was down 0.10% in early trade at 503.46. Japan finally lifted rates for the first time in 17 years and ended an eight-year policy of holding them in negative territory, while Australia's Reserve Bank held them steady and warned that inflationary risks still remained.

Meanwhile the US Federal Reserve will start a two-day meeting with a decision on Wednesday. Economists are expected a 'no change' stance with the possibility policy makers will indicate rates could remain higher for longer than expected after recent data came in hotter than forecast.

In equity news, shares in consumer goods giant Unilever gained as the company said it was spinning off its ice-cream unit and getting rid of more than 7,500 staff globally.

Reporting by Frank Prenesti for Sharecast.com