Time-resolved X-ray methods are widely used for monitoring transient intermediates over the course of photochemical reactions. Ultrafast X-ray absorption and emission spectroscopies as well as elastic X-ray scattering deliver detailed electronic and structural information on chemical dynamics in the solution phase. In this work, we describe the opportunities at the Femtosecond X-ray Experiments (FXE) instrument of European XFEL. Guided by the idea of combining spectroscopic and scattering techniques in one experiment, the FXE instrument has completed the initial commissioning phase for most of its components and performed first successful experiments within the baseline capabilities. This is demonstrated by its currently 115 fs (FWHM) temporal resolution to acquire ultrafast X-ray emission spectra by simultaneously recording iron Kα and Kβ lines, next to wide angle X-ray scattering patterns on a photoexcited aqueous solution of $[Fe(bpy)-{3}]^{2+}$, a transition metal model compound.