European stocks slid on Thursday, tracking a selloff on Wall Street, as a rapid rise in U.S. inflation spooked investors, while a drop in commodity prices weighed on heavyweight miners.

The pan-European STOXX 600 indices fell 1.0%, heading further away from all-time highs.

British luxury brand Burberry tumbled 8.8% on reporting a 10% drop in annual sales, weighed down by the COVID-19 pandemic.

UK’s biggest broadband and mobile provider, BT Group (LON:BT), fell 5.4% as it reported a 7% fall in revenue and a 6% fall in adjusted earnings for the full year.

Markets in Denmark, Finland, Norway, Sweden and Switzerland were closed for public holiday.

The pan-European Stoxx 50 climbed down by 1.48% to 4,888.8. In the cash markets, the DAX futures Germany was trading down 1.19% at 14,975.83. CAC 40 futures in France down by 1.28% to 6198.90 while the FTSE 100 futures in the U.K. down 0.80% at 6,896.4, at the time of writing.

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