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European and US stocks slide on inflation worries

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US and European stock markets slid as inflation data and corporate reports stoked investor fears about recession and earnings.

News that UK inflation has spiked to a 40-year peak of nine percent in April helped push London stocks 0.4 percent lower in afternoon trading.

Investors remain on red alert over decades-high inflation, which has surged around the world as Russia's invasion of Ukraine fuels spiking energy and food prices. Concerns that companies will have trouble were raised by the latest earnings from US retailer Target, which saw its profits fail to meet analyst expectations despite higher-than-expected sales.

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