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European Shares Subdued Amid Growth Worries


European stocks were modestly lower on Tuesday as global growth worries resurfaced and U.K. Prime Minister Theresa May's much-anticipated "plan B" on Brexit looked like a tweaked version of her Plan A, which suffered a historic parliamentary defeat last week.

The IMF once again cut its global growth forecasts, citing the threat of a trade war, stalled Brexit talks and slowing Chinese growth.

The IMF now projects a 3.5 percent growth rate worldwide for 2019 and 3.6 percent for 2020, down 0.2 and 0.1 percentage points below its last forecasts in October.

The pan-European Stoxx 600 was virtually unchanged at 356.47 in opening deals after declining 0.2 percent in the previous session.

The German DAX recovered from an early slide and was up marginally while France's CAC 40 index was declining 0.1 percent and the U.K.'s FTSE 100 was losing 0.4 percent.

UBS Group tumbled 4 percent. The Swiss banking giant warned on client activity in the first quarter, despite reporting a profit in its fourth quarter, compared to prior year's hefty loss.

British online trading platform IG Group slumped 7 percent after reporting declines in first-half profit and revenue.

Rémy Cointreau dropped 1.3 percent in Paris. The wine and spirits company has confirmed its FY operating profit outlook after reporting higher sales of 919.4 million euros in the first nine months of its 2018/19 financial year.

Low-cost airline EasyJet soared 5 percent. The company's expectations for the full year headline profit before tax remain broadly in line with current market expectations.

German luxury fashion brand Hugo Boss jumped more than 5 percent after reporting higher sales in its fourth quarter.

Retail holding company Steinhoff edged down slightly after it issued an update on the progress in connection with the corporate and capital restructuring of its European business.

Unilever shares were little changed. The consumer goods giant voluntarily disclosed fragrance ingredients across its U.S. beauty and personal care brands, aiming for ingredient transparency.

The euro traded mixed against its major rivals ahead of German ZEW economic sentiment data due later in the day.

The U.K's official jobless rate unexpectedly ticked down by annual 0.2 percent to 4.0 percent in November, while the claimant count change showed a bigger-than-expected increase.

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