European stocks pulled back from a five-week high Wednesday, with investors bracing for an expected hike in borrowing costs by the Federal Reserve, while retail shares were showing strength. Italian stocks fared the worst in the region as the country begins to gear up for a national election next year.

U.S. stocks mostly rose on Wednesday, with the Dow ending at a record for a fourth straight session after the Federal Reserve raised interest rates, as had been widely expected. While the day's gains were broad, a sharp decline in financial shares limited the broader market's advance and pushed the S&P 500 into slightly negative territory in the final minutes of trading.

Asian stocks edged higher on Thursday after the Federal Reserve delivered a much-anticipated interest rate hike but flagged caution about inflation, tempering expectations for future tightening, which weighed on the dollar and Treasury yields. China's central bank also raised rates, though marginally.