Europe closes lower amid economic worries

Tuesday, 11. October 2022 17:36

Major markets in Europe closed with losses on Tuesday as investors continued to worry about the economic situation on the continent. The IMF downgraded its global growth forecast for 2023 to 2.7%, stressing that the German and the Italian economies are expected to contract next year. The organization added that the energy crisis, especially in Europe, is "not a transitory shock."

The FTSE 100 slid 1.06%. Ocado Group and Legal & General Grou led the losses, both plunging more than 5%.

The DAX ended the session 0.43% in the red. The worst performer was Brenntag, whose shares tumbled 8.74%.

The CAC 40 declined 0.13% with STMicroelectronics falling 3.08%.

The euro added 0.33% against the dollar to go for 0.97332 at 5:35 pm CET and the pound climbed 0.79% compared to the greenback to sell for 1.11408 at the same time.

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