LONDON ( The Deal) -- European stocks edged lower on Tuesday after the European Commission cut eurozone growth forecasts but stopped short of stating that any of the 18 member countries face economic contraction next year.
The EC predicted the eurozone economy would expand 1.1% next year, down from its previous forecast of 1.7%, with hefty cuts in its prognosis for Germany and France, the region's two largest economies.
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In London, the FTSE 100 was down 0.32% at 6,467.49 and in Frankfurt the DAX dropped 0.21% to 9,232,62. In Paris, the CAC 40 fell 0.51% to 4,172.44.
Watch the video below for a closer look at how European markets are doing in midday trading Tuesday:
In Frankfurt, German clothing company Hugo Boss (BOSSY) sank more than 5% after it cut full-year forecasts because of a weak performance in Europe and "uncertainties in Asia." It said full-year Ebitda will rise by 5% to 7%, having previously flagged a "high single-digit" increase.
In Paris, cosmetics giant L'Oréal (LRLCY) dropped almost 2% before paring losses after third-quarter sales growth missed forecasts. The company said the "mass market hit an air pocket" in Western Europe, causing its consumer products division to decline. The company said it expects fourth-quarter growth to speed up and for the full year it said it will slightly outperform the worldwide cosmetics market.