On Wednesday European stocks fell for a second day after the Federal Reserve damped expectations of more monetary stimulus for the world’s largest economy.

Volvo AB slid 4.1 percent after ACT Research said North American preliminary truck orders for the industry in March were less than expected. Veolia Environnement SA lost 3.6 percent after Les Echos said the company may decide to take sole control of a ferry services company. BTG Plc rose 3.3 percent on higher- than-forecast sales. The Stoxx Europe 600 Index retreated 0.9 percent to 261.83 at 10:02 a.m. in London.

Minutes from the Fed meeting “were not encouraging if you are a bull who’s hoping to hear that the door is still open for further possible stimulus,” said Simon Denham, managing director of Capital Spreads in London. “After each rally people start to get excited that we could push higher and break through to new highs, but then the markets come up against resistance and fail to follow through.”

The Fed is holding off on increasing monetary accommodation unless U.S. economic growth falters or prices rise at a rate slower than its 2 percent target, minutes released on Tuesday from a March 13 policy meeting showed.

Asian stocks slid, with the benchmark index falling the most in more than three months amid market holidays across the region, as the Federal Reserve damped expectations for more monetary stimulus. The Nikkei 225 lost 2.3 percent during the day, falling the most in five months. The gauge extending losses after the measure dipped below its 25-day moving average and closed the day under 10,000 for the first time since March 13.