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European stocks were lower Thursday morning as traders paused for breath after US bond yields pulled back and the dollar came off a 13-1/2 year high.

The pan-European STOXX 600 was around 0.22 percent lower, but with major bourses pointing in different directions. President-elect Donald Trump's expansionary fiscal policy is seen as stoking inflation which has caused the dollar to rally and bond prices to fall, pushing yields higher. This could have an effect on the US Federal Reserve's interest rate hiking path.

Comments from Fed officials appear to suggest that the central bank hasn't decided yet what Trump's policies mean for monetary policy. Philadelphia Fed President Patrick Harker said on Wednesday that "it's too early to assess" the impact of Trump, while Cleveland Fed President Loretta Mester added that "extreme volatility would" force her to reassess policy, but "everyday movements" in asset prices is not "troubling".

Meanwhile, a slight dip in oil prices is also weighing on investor sentiment. Crude oil futures fell on Thursday after inventories in the US rose by a larger-than-expected figure.

Rio Tinto axes top execs

In European business news, Rio Tinto fired two top executives over a probe in a USD 10.5 million payment linked to deal it won to develop an iron ore mine in Guinea. Shares were trading in positive territory.

Sticking with the mining space, Anglo American shares were higher despite announcing on Wednesday that it was suspending all operations at its Los Bronces copper mine in Chile after protests at the site.

On the earnings front, Ahold Delhaize reported third-quarter core earnings that missed analyst expectations, sending shares sharply lower.

Zurich Insurance was in the black after it said it aims to maintain an annual dividend of 17 Swiss francs (USD 16.95) and cut costs further.

And Swiss private bank Julius Baer reported its assets under management rose 9 percent in the 10 months of 2016, sending shares mildly higher.