Stocks slid across the globe in early European trade Thursday as the implications of higher oil prices as well as strong U.S. growth data reverberated through markets. The Stoxx Europe 600 fell 0.8%, with energy and basic-materials stocks leading the decline. In Asia, Japan's Nikkei 225 dropped 1.2% and Hong Kong's Hang Seng Index lost 1.5%. U.S. stock futures pointed lower, with contracts tied to the S&P 500 down 0.6% and those linked to the Dow Jones Industrial Average falling 0.5%.

The selloff in bonds continued, pushing the yield on the 10-year U.S. Treasury note to a four-year high of 3.22%. Yields rise when bond prices fall. The yield on the German 10-year Bund also climbed, reaching 1.15%, its highest level since 2011.

Higher oil prices added to inflationary pressures, with Brent crude rising to $86.44 a barrel. Strong U.S. growth data, including a 3.2% GDP increase in the third quarter, fueled fears of overheating and potential Federal Reserve rate hikes. The U.S. Dollar Index rose 0.3% as investors sought safety in the currency.