By Shubham Batra and Shashwat Chauhan (Reuters) -European shares slipped on Friday after a rally in the previous session spurred by the U.S. Federal Reserve's outsized interest rate cut, while drugmaker Novo Nordisk slid on disappointing obesity pill data.

European stock markets and the dollar mostly slipped Wednesday as the US Federal Reserve prepared to cut interest rates for the first time in more than four years.

European stocks rose on Tuesday, supported by financials, as markets drew closer to an expected start to the U.S. Federal Reserve's monetary easing cycle that could see policymakers deliver an outsized rate reduction.

European shares closed lower on Wednesday, as investors refrained from risk-taking ahead of an all-important interest rate decision by the U.S. Federal Reserve that could mark the beginning of a monetary easing cycle in the world's largest economy.

Euro zone bond yields edged up on Wednesday as investors awaited the US Federal Reserve’s interest rate decision, which is expected to trigger a strong market response.Germany's 10-year bond yield rose by 4.