Stocks are mostly down to end the week over concerns about the health of the global economy. Investors are looking ahead to data on consumer prices out of the US on Friday. Analysts expect inflation for the month of April to have stayed at just over 8%. Meanwhile, investors are digesting the European Central Bank's signal that it will raise interest rates next month. That would be the first such move in more than a decade, with further hikes planned for later in the year.

Craig Erlam is a senior market analyst at OANDA in London. He says the European Central Bank may be acting a little too late.

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