LONDON — European stocks closed mixed Thursday as traders digested new U.S. inflation data a monetary policy decision from the European Central Bank.

The pan-European Stoxx 600 closed marginally higher, with the major bourses struggling for direction. In terms of sectors, telecoms stocks rose 1.2% while travel shares slipped 1.2%.

Global markets were predominantly focused on the U.S. inflation data on Thursday, with May’s consumer price index coming in 5% higher year-over-year, the Labor Department revealed.

Economists polled by Dow Jones had expected the May CPI report to show prices up 4.7% year over year after April’s increase of 4.2%.

The Federal Reserve has been trying to gauge if higher price pressures are just temporary as the economy continues to rebound from the pandemic-induced recession.

On Wall Street, U.S. stocks climbed with the S&P 500 hitting a new all-time high as investors shrugged off the bigger-than-expected…

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