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The continent-wide STOXX 600 index dipped 0.1% by 0716 GMT. The exporter-heavy FTSE 100 index fell 0.4%, tracking a jump in the pound following the UK inflation data.
British consumer price index defied expectations of slowing and held at 8.7% in May. The data came a day before the Bank of England is forecast to raise interest rates for the 13th time in a row.
The reading also served as a stark reminder that the fight against inflation by major central banks is not over yet, sending Germany’s two-year government bond yield, the most sensitive to rate expectations, to its highest since March 10.
Real estate stocks slid 1.3%.
Investors now await U.S. Federal Reserve Chair Jerome Powell’s two-day testimony before lawmakers.
