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- European stocks close: stocks closed lower as the European Commission lowered its growth and inflation forecast for the Eurozone
European stocks close: stocks closed lower as the European Commission lowered its growth and inflation forecast for the Eurozone
Stock indices closed lower as the European Commission (EC) lowered its growth and inflation forecast for the Eurozone. The EC cut its forecast for Eurozone's economic growth to 0.8% in 2014, down from 1.2%. The economic growth in the Eurozone is lowered to 1.1% in 2015, down from 1.7% previously.
The EC expects inflation in the Eurozone to remain below the European Central Bank's 2% target until at least 2016.
The EC lowered its forecasts due to a slowdown of the European economy and geopolitical crises.
Shares of oil companies declined due to falling oil prices.
Hugo Boss AG shares dropped 5.3% after lowering its 2014 sales forecast.
Securitas AB shares rose 9.1% after reporting better-than-estimated third-quarter net income.
Indexes on the close:
Name Price Change Change %
FTSE 100 6,453.97 -34.00 -0.52%
DAX 9,166.47 -85.23 -0.92%
CAC 40 4,130.19 -63.84 -1.52%
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