STOXX 600 off 0.6
Travel, tech stocks lead declines
UK inflation slows in November
TUI at the bottom of the STOXX

Dec 14 Reuters European shares fell on Wednesday from the near oneweek highs hit in the previous session, amid growing concerns of a global economic slowdown, ahead of the U.S. Federal Reserve39;s interest rate decision.

The regionwide STOXX 600 was down 0.6 at 0920 GMT.

The index had rallied more than 1 on Tuesday after a softerthanexpected U.S. inflation data raised hopes of the Fed shifting to smaller rate hikes.

There39;s a tension between inflation coming down and the ongoing questions around economic growth and the prospects for a recession in developed economies next year, said Richard Flax, chief investment officer at Moneyfarm.

The Fed is widely expected to deliver a 50 basispoint bprate increase at 1400 ET 1900 GMT on Wednesday, after four backtoback 75 bps hikes. However, concerns about the future trajectory of rate hikes kept optimism in check, as investors worried about the prospects of the economy being tipped into a recession from sharp interest rate hikes.

Everyone will be looking to see not just the rate decision but also any commentary around that to give any clues as to when they the Fed reach the peak policy rate, how long they keep it there and when potentially they could think about an easing cycle, Moneyfarm39;s Flax said.

British inflation also fell sharper than expected in November, offering further evidence of easing…