High US inflation deals a blow to odds of early rate cuts on both sides of Atlantic 

Global shares fell sharply on prospects of delayed cuts by the Federal Reserve and ECB

Analysts scramble to understand whether the US inflation reading will also delay rate cuts by the ECB on this side of the Atlantic

A stubbornly high reading for US inflation sent global stock markets into a spin, as investors assessed the prospects for delayed rate cuts by the US Federal Reserve, as well as the European Central Bank (ECB) on this side of the Atlantic.

The pan-European Stoxx 600 index fell 1% with interest rate-sensitive property shares among the companies that were hit hardest.