European shares slipped on Wednesday from near one-week highs touched in the previous session, as investors treaded cautiously ahead of the US Federal Reserve’s interest rate decision.

The region-wide STOXX 600 was down 0.4% at 0814 GMT.

The index had rallied more than 1% on Tuesday as equities globally received a boost from softer-than-expected US inflation data that raised hopes of the Fed shifting to smaller rate hikes. On Wednesday, most of the STOXX 600 sectors declined.

Travel and leisure stocks’ 1.1% fall led the slide, followed by tech stocks, which slipped 0.8%.

European shares climb on US inflation data

Energy was a bright spot, rising 0.3%, while banks also gained.

TUI, the world’s largest holiday firm, swung to a profit in its last financial year.

Still, London-listed shares of the company were down 4.8% to be the top losers on the STOXX 600.