"Global Market Update: European Stocks React to Fed, China Hits 5-Year Low, US Equity Futures Slip"

European stocks opened higher as markets anticipate the U.S. Federal Reserve's monetary policy decision, with Novo Nordisk shares rising 3.4% after beating expectations due to increased demand for weight loss and diabetes drugs. Meanwhile, Novartis reported sales and profit growth but missed estimates, and H&M plunged 7.4% after announcing a new CEO and missing profit forecasts. Investors are looking for clues on the Fed's policy stance, while Wilmington Trust's chief economist expects the Fed to lay the groundwork for rate cuts later this year.