Europe: Stocks open lower as Germany cuts growth outlook

[LONDON] Europe's main stock markets opened lower on Wednesday after Germany downgraded its growth outlook while traders awaited a UK government budget update.

London's benchmark FTSE 100 index shed 0.1 per cent to 7,271.83 points, awaiting British tax and spending announcements due later in the day as the UK looks to bring down a huge debt pile that ballooned during the pandemic.

In the eurozone, Frankfurt's DAX index lost 0.2 per cent to 15,732.43 points following news that the German economy, Europe's biggest, is projected to expand by around 2.6 per cent this year.

That is a slower-than-expected rebound from a pandemic-induced slump last year, largely owing to bottlenecks in global supply chains, Economy Minister Peter Altmaier said.

Elsewhere, the Paris CAC 40 index opened with a loss of 0.1 per cent at 6,762.90 points.

AFP