Wall Street shares fell Thursday as data showed US producer price inflation surged far more than expected in July, denting optimism that the Federal Reserve would soon start cutting interest rates.

Analysts said the surprise spike raised concerns that President Donald Trump's tariffs were having an impact on businesses while they have yet to hit consumers.

The broad-based S&P 500 index of leading companies and the tech-heavy Nasdaq fell in opening deals in New York, retreating from record highs set the previous day.

The Paris and Frankfurt stock markets were up in afternoon deals while London fell as data showed the UK economy had slowed in the second quarter, though less than feared, as Trump's tariffs came into effect.

The producer price index (PPI) rose 0.9 percent on a month-on-mon

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