LONDON (Reuters) - World stocks slipped back towards this week’s five-month low on Friday as oil prices near record highs kept inflation concerns alive a day after the European Central Bank raised interest rates.

The euro failed to benefit much from the ECB’s quarter point rate hike on Thursday and the region’s government bonds rose as President Jean-Claude Trichet said he had no bias on monetary policy, dousing speculation about aggressive rate hikes this year.

A less hawkish tone from Trichet, followed by U.S. job data which came in line with expectations, provided only short-term solace for equity investors.

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