- Race four abandoned after New Zealand breeze into 3-0 lead in America's Cup
- West Indies win toss, put Sri Lanka in to bat in first T20
- Sudan rescuers say air strike killed 23 in Khartoum market
- Netanyahu tells UN to move Lebanon peacekeepers out of 'harm's way'
- Bangladeshi Hindus defy attack worries to celebrate festival
- Kiwis three up in America's Cup as Ineos pay for time penalty
- In a first, SpaceX 'catches' megarocket booster after test flight
- Dominant England crush Scotland at Women's T20 World Cup
- Dropped: The rise and fall of Pakistan batting maestro Babar Azam
- Israel fights Hezbollah on the ground, pounds Lebanon from the air
- Sabalenka outlasts local hero Zheng to win third Wuhan Open title
- Bangladeshi Hindus shrug off attack worries to celebrate festival
- Former Pakistan captain Azam dropped for second England Test
- 'Opportunist' Dupont dazzles on Toulouse return
- Australia replace injured Vlaeminck with Graham at Women's T20 World Cup
- Sinner wins Shanghai Masters to deny Djokovic 100th career title
- Ubisoft fears assassin's hit over falling sales
- Israel hits Lebanon from the air and fights Hezbollah on the ground
- China's Yin has 'goosebumps' as she romps to LPGA win in Shanghai
- Pakistan to re-use Multan pitch for second England Test
- Blair and King Charles hail Salmond's 'devotion' to Scotland
- Vietnam, China hold talks on calming South China Sea tensions
- SpaceX will try to 'catch' giant Starship rocket shortly before landing
- England captain Stokes in line for second Pakistan Test return
- Japan's former empress Michiko discharged after surgery: reports
- Japan's former empress Michiko discharged after surgey: reports
- Israel widens Lebanon strikes as troops fight Hezbollah along border
- Bowlers' graveyards: Pakistan's placid pitches under fresh fire
- 'Little Gregory' murder haunts France 40 years on
- Vietnam, China to expand rail links, cross-border payments
- Americans get their belief back as Pochettino makes his mark
- Vietnam, China to boost economic, defence cooperation
- Winning start for Pochettino's American adventure
- Tariffs, tax cuts, energy: What is in Trump's economic plan?
- Amazon wants to be everything to everyone
- US firms brace for more tariffs as election approaches
- Winning start for Poch's American adventure
- Morocco's tribeswomen see facial tattoo tradition fade
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- Colombia guerilla group urges delegations not to attend COP16 in Cali
- Pakistan frets over security ahead of SCO summit
- Ronaldo scores 133rd Portugal goal in Nations League win over Poland
- 40 nations contributing to UN Lebanon peacekeeping force condemn 'attacks'
- Eight dead as heavy rain thrashes Brazil after long drought
- Jewish school in Canada hit by gunfire for second time
- Morocco crush Central African Republic, Guirassy scores hat-trick
- Dupont scores quickfire hat-trick on Toulouse Top 14 return
- Ronaldo scores in Portugal's Nations League win as Spain sink Denmark
- Interim boss Carsley has not applied for England job
- Mets hurler Senga ready to take on Dodgers in game one of NL Championship Series
Markets slide on inflation worry; oil rebounds
European and US stocks slipped on Wednesday, as traders digested data showing that runaway inflation shows no sign of easing.
Oil rallied after a sharp fall following a report that OPEC was considering suspending Russia from an output deal, which observers said could allow producers to pump more.
Shares in Frankfurt, Paris and London were all in the red at closing.
Wall Street stocks began June on a high note, rising early in the session before following suit.
"The quick reversal is a reminder that we are still in a bear market and investors continue to face significant risks with inflation still showing no signs of easing in a meaningful way, and central banks are continuing to tighten their belts," Fawad Razaqzada, analyst at City Index and FOREX.com said.
Equities have enjoyed a largely healthy run of late on hopes that inflation could be nearing a peak and a sell-off across markets may have run its course.
The easing of some lockdown measures in China added to the optimism.
But investors were brought down to earth with a bump Tuesday after data showed that eurozone inflation hit a record high in May on rocketing energy costs.
The news puts extra pressure on the European Central Bank to act faster to rein in prices by hiking interest rates, along with the Bank of England and the US Federal Reserve.
"Investors took a pause for breath after the recent rally as the spectre of inflation continues to loom large," said Richard Hunter, an analyst at investment platform interactive investor.
Markets remain fearful as the Ukraine conflict fuels massive price gains for energy and food, translating into spiking inflation -- and damaging the post-pandemic global economic recovery.
"There are heightened concerns around inflation and where central banks are likely to go trying to combat inflation," Kristina Hooper of Invesco Advisers told Bloomberg Radio.
"This has gone from just an inflation scare to a growth scare. Uncertainty has grown."
- Oil rebounds -
Equities were mixed in Asia, with traders shrugging off a further easing of lockdown restrictions in China that many hope will give a much-needed boost to the world's number two economy.
Hong Kong and Shanghai slipped, though Tokyo, Sydney, Singapore and Wellington rose.
The oil market rebounded after tanking by more than four percent late Tuesday in reaction to a Wall Street Journal report that OPEC was considering removing Russia from an agreement that has locked producers into limited output increases.
Moscow's removal would mean an early end to the pact and allow major crude nations such as Saudi Arabia to open the taps, analysts said.
"If there's any confirmation from OPEC+ members that the absence of Russia is being discussed, then prices can drop to as low as $100," said Will Sungchil Yun, at VI Investment Corp.
During a visit to Saudi Arabia Wednesday, Russian Foreign Minister Sergei Lavrov reaffirmed Moscow's commitment to OPEC+ agreements.
On Thursday, the 13 members of the Organization of the Petroleum Exporting Countries and their 10 partners -- who make up OPEC+ -- are due to hold their monthly talks on output increases.
- Key figures at around 1550 GMT -
London - FTSE 100: DOWN 0.98 percent at 7,532.95 points (close)
Frankfurt - DAX: DOWN 0.3 percent at 14,340.47 points (close)
Paris - CAC 40: DOWN 0.8 percent at 6,418.89 points (close)
EURO STOXX 50: DOWN 0.8 percent at 3,759.54 points
New York - Dow: DOWN 1.0 percent at 32,651.66 points
Tokyo - Nikkei 225: UP 0.7 percent at 27,457.89 (close)
Hong Kong - Hang Seng Index: DOWN 0.6 percent at 21,294.94 (close)
Shanghai - Composite: DOWN 0.1 percent at 3,182.16 (close)
Euro/dollar: DOWN at $1.0632 from $1.0734 on Tuesday
Pound/dollar: DOWN at $1.2461 from $1.2602
Euro/pound: UP at 85.34 pence from 85.18 pence
Dollar/yen: UP at 130.11 yen from 128.67 yen
Brent North Sea crude: UP 1.4 percent at $117.17 per barrel
West Texas Intermediate: UP 1.3 percent at $116.11
F.Dubois--AMWN