European stocks skidded Thursday as traders pulled back further from the buying that propelled global equity markets to recent record highs, as focus switched to upcoming US inflation and jobs data.

Investors have been on a buying spree since shares hit deep lows following President Donald Trump’s April global tariff bombshell, with sentiment buoyed by trade agreements and signs that the Federal Reserve was ready to cut US interest rates.

The US central bank — citing a weak labour market — last week announced its first rate reduction of the year, and forecast there could be two more by 2026.

The dollar continued to struggle Thursday in the wake of the easing, as lower interest rates make the US currency less appealing to investors.

“Risk-off sentiment is dominating after declines on Wa

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