European stock markets mid session: stocks declined after the World Bank cuts economic global forecast

Stock indices declined after the World Bank cuts economic global. The World Bank lowered its global growth forecast to 2.8% from an earlier estimate of 3.2% due to a weaker outlook for the U.S., Russia and China.

The Office for National Statistics released the U.K. labour market data. The U.K. unemployment rate fell to 6.6% in the three months to April from 6.8% in the previous three months. That was the lowest level since early 2009. Analysts had expected a decline to 6.7%.

Deutsche Lufthansa AG shares dropped 13% after the company lowered its earnings forecasts for this and next year.

Vallourec SA, a steel pipe producer, slid 12% after lowering its earnings forecast for 2014.

Airbus Group shares declined 4% after Emirates cancelled an order for 70 A350 jets.

Current figures:

Name                                   Price                                    Change                 Change %

FTSE 100                             6,838.03                               -35.52                        -0.52%

DAX                                      9,941.79                               -87.01                       -0.87%

CAC 40                                4,561.40                                -33.60                       -0.73%