European Stocks Tumble After EU Slashes Growth, Inflation Guesses

Tuesday, May 3, 2016
By Paul Martin

by Tyler Durden
ZeroHedge.com
05/03/2016

Despite unleashing his bazooka, Mario Draghi – like his colleagues at The BoJ – appears to have hit the limit of his impotence as the European Commission cut its outlook for growth and inflation across the Union for 2016 and 2017. Citing the economic slowdown in China and other emerging markets, geopolitical tensions and uncertainty ahead of the U.K. referendum on EU membership, WSJ reports EU’s economists also cautioned that the strength of factors that have been supporting growth in the region, such as low oil prices and a weaker euro, could start to fade. This sparked modest Euro weakness (after a non-stop surge in the last week) dragging down European stocks and darkening the outlook for the banking system further.

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