European stock markets slid in Thursday's trade, with initial optimism over rising oil prices overshadowed by concerns about global growth. Richard Perry, analyst at Hantec Markets, said European markets initially got a boost from a dovish set of Federal Reserve minutes out late Wednesday, but the focus eventually changed to concerns over the world economy.

The S&P 500 retreated on Thursday to close in the negative territory for the year as investors shunned assets perceived as risky in favor of haven plays. "The market appears to be pivoting on oil prices and a strengthening yen; both of which are consistent with global slowing," said Jack Ablin, chief investment officer at BMO Private Bank.

Asian stocks followed U.S. shares lower, with the benchmark index headed for a third weekly decline, as consumer-discretionary and material shares led losses in a broad regional selloff.

Based on MarketWatch materials