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Stock indices closed lower as the European Commission (EC) lowered its growth and inflation forecast for the Eurozone. The EC cut its forecast for Eurozone's economic growth to 0.8% in 2014, down from 1.2%. The economic growth in the Eurozone is lowered to 1.1% in 2015, down from 1.7% previously.
The EC expects inflation in the Eurozone to remain below the European Central Bank's 2% target until at least 2016.
The EC lowered its forecasts due to a slowdown of the European economy and geopolitical crises.
Shares of oil companies declined due to falling oil prices.
Hugo Boss AG shares dropped 5.3% after lowering its 2014 sales forecast.
Securitas AB shares rose 9.1% after reporting better-than-estimated third-quarter net income.
Indexes on the close:
Name Price Change Change %
FTSE 100 6,453.97 -34.00 -0.52%
DAX 9,166.47 -85.23 -0.92%
CAC 40 4,130.19 -63.84 -1.52%
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