European stocks lower as Germany cuts growth outlook

October 27, 2021: Europe's main stock markets opened lower Wednesday after Germany downgraded its growth outlook, while traders awaited a UK government budget update.

London's benchmark FTSE 100 index shed 0.1 percent 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 percent to 15,732.43 points following news that the German economy, Europe's biggest, is projected to expand by around 2.6 percent 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 percent at 6,762.90 points.

AFP/APP