European stocks are likely to open lower on Thursday, tracking weak cues from Wall Street and Asia amid concerns the Federal Reserve will be forced to begin tapering its bond buys sooner rather than later.

Interest rate expectations have been pulled forward slightly despite dovish comments from Federal Reserve Vice Chair Richard Clarida that the Fed’s view on its accommodative policy has not changed.

Yields on 10-year Treasuries steadied at 1.68 percent, after having climbed 7 basis points overnight in the biggest daily rise in two months.

The dollar held gains while oil pulled back from an eight-week high amid concerns about the coronavirus crisis in India, the world’s third-biggest importer of crude.

Asian markets followed Wall Street lower on inflation concerns. Bitcoin continued its fall after Tesla Inc. CEO Elon Musk tweeted that the company has suspended the use of bitcoin to purchase its vehicles because of climate concerns.

It’s a quiet day ahead on the economic calendar and trading later in the day may be swayed by U.S. reports on weekly jobless claims and producer price inflation.

Overnight, U.S. stocks plunged to extend the week’s declines after data showed consumer inflation rose at its fastest rate since 2008 last month, raising worries about whether companies will be able to pass the increased costs on to consumers.

The Dow lost 2 percent, the tech-heavy Nasdaq Composite plummeted 2.7 percent and the S&P 500 shed 2.1 percent.

European stocks rose on Wednesday as investors cheered upbeat regional growth data, with the EU sharply revising its growth forecasts for this year and next.

The pan European Stoxx 600 gained 0.3 percent. The German DAX and France’s CAC 40 index both edged up around 0.2 percent while the U.K.’s FTSE 100 added 0.8 percent.

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