European share rally pauses as focus turns to inflation; Kering slips

European shares retreated from near one-year highs on Wednesday as concerns about a possible rise in inflation tempered optimism around a vaccine-led global economic recovery, while Kering tumbled after sales at its Gucci brand fell more than expected.

Shares of the French conglomerate, which also owns the Saint Laurent brand, slumped 8.2% as revenue for the whole group fell 8.2% in the fourth quarter. The broader European retail index fell 2.9%. The pan-European STOXX 600 index was down 0.4% by 0804 GMT, with healthcare, telecoms and financial services stocks also leading declines.

London's blue-chip FTSE 100 lost 0.4% as data showed British inflation rose a little more than expected in January.

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