European shares fell on Tuesday and Wall Street was tipped to start weaker as surging oil prices fanned fears of further acceleration in global inflation that would keep the U.S. Federal Reserve and other central banks raising interest rates. Markets looked past signs that China's economic pain might be abating amid easing COVID-19 curbs and focused instead on the inflation outlook. Euro zone inflation hit a record high 8.1% in May, a day after German price growth accelerated to 8.7%. Inflation was last this high during the 1973/74 oil shocks .
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