Asian stocks down after Europe cuts growth forecast

<p>Asian shares were down today as weaker European growth forecasts dampened investors’ mood.</p>

Asian shares were mostly down today (November 5th) after the European Commission cut its growth forecast for the Eurozone.

The European Commission said the area will only grow by 0.8 per cent this year, instead of the 1.2 per cent previously estimated. It has also has cut its growth forecast for 2015 to 1.1 per cent from 1.7 per cent.

"News that the EU has downgraded forecasts for eurozone growth is not a great surprise to markets given the tendency for forecasts to follow the economy lower," Ric Spooner, chief market analyst at CMC Markets told AP. "Even so, it reinforces expectations of a low to moderate global growth outlook with downside risk to inflation."

Hong Kong's Hang Seng fell 0.6 per cent to 23,715.82 and South Korea's Kospi was down 0.2 per cent to 1,931.43. 

Australia's S&P/ASX 200 was nearly flat at 5,517.90, while Japan's Nikkei 225 ended 0.4 per cent up at 16,937.32.

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