European Shares Decline As OECD Slashes Global Growth Forecast
(RTTNews) - European shares traded lower on Tuesday as trade tensions persisted, and investors looked ahead to the European Central Bank's policy meeting later in the week.
Meanwhile, the Organization for Economic Co-operation and Development slashed its global growth forecast to 2.9 percent from its earlier forecast of 3.1 percent for 2025.
The Paris-based firm said the outlook across the globe has become challenging with rising trade barriers and policy uncertainty, which is weighing on consumer confidence and blocking investments.
The pan European STOXX 600 dropped 0.4 percent to 545.67 ahead of the release of crucial Eurozone CPI data.
The German DAX slipped 0.1 percent, France's CAC 40 shed 0.4 percent and the U.K.'s FTSE 100 was down 0.2 percent.
Julius Baer shares fell nearly 2 percent. The Swiss bank said it would step up a cost-saving drive to target SFr130mn ($159mn) in cuts by 2028.
British American Tobacco, the maker of Lucky Strike and Dunhill cigarettes, was slightly lower despite raising its annual sales target.
Water utility Pennon lost 2.1 percent after it swung to an annual pretax loss.
Sanofi rose about 1 percent. The U.S. FDA has granted orphan drug designation to rilzabrutinib for sickle cell disease.
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