(MENAFN– ecpulse)
European shares retreated on Wednesday’s midday trading, falling from six-year high, after the World Bank cut its global growth forecasts.
The world economy will expand 2.8% this year, compared with a January forecast of 3.2%, the World Bank said in its Global Economic Prospects report.
Still, there are worries about global recovery amid the recent slowdown in China’s growth and after the introduction of new stimulus by the ECB last week.
In addition, it seems that the rise to a record high prompted some sell off by investors on predictions the recent rally was overdone.
As of 06:44 EST, STOXX EUROPE 600 slipped 0.52% to record 347.88 points. Industrials led the decline with a drop of 1.18%, where Banca Monte recorded the largest losses as its shares plummeted 19.00% to 1.795 EUR.
UCB SA, on the other hand, led the largest gains as its equities rose 2.88% to 59.61 EUR.
Regarding other major European indices, France’s CAC 40 index plunged 0.77% to 4559.78 points, and FTSE 100 slumped 0.54% to 6836.71 points. Germany`s DAX 30 edged down 0.87% to 9941.20 points.
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