12:19 PM EDT, 04/16/2024 (MT Newswires) -- European stock markets closed sharply lower in Tuesday trading as the Stoxx Europe 600 fell 1.53%, the Swiss Market Index dropped 1.75%, France's CAC declined 1.40%, the FTSE in London lost 1.82%, and Germany's DAX closed 1.44% lower.

The International Monetary Fund lowered its growth projections for the euro area in 2024 and 2025, according to its latest World Economic Outlook released Tuesday.

The IMF said it expects euro area growth of 0.8% in 2024 and 1.5% in 2025, which is down from its previous forecast in January of 0.9% and 1.7% growth respectively. And for the EU, the IMF lowered its 2024 and 2025 growth forecasts to 1.1% and 1.8%, respectively, from 1.2% and 1.9%, respectively.

In Germany, wholesale sales prices were 3.0% lower in March than a year earlier, according to the Federal Statistical Office.

In the UK, payrolled employees in Britain declined by 18,000, or 0.1% in February from January, but rose 352,000, or 1.2% from a year earlier, according to provisional data from the Office for National Statistics.

In Italy, the consumer price index was unchanged in March from the previous month, and rose 1.2% from a year earlier, according to the Italian Statistical Institute.

And in corporate news, UK footwear company Dr. Martens said Tuesday that Chief Executive Kenny Wilson will step down by the end of the year. Chief Brand Officer Ije Nwokorie has been named as Wilson's successor.

The European Commission is expected to fine food company Mondelez (MDLZ) millions of euros as early as May for allegedly restricting sales of its products between European Union member states, the Financial Times reported, citing unnamed sources. The EC's investigation focused on restrictions on languages used on packaging and whether that could curb sales between member states, the FT reported.

Bank stocks tumbled on the European bourses in Tuesday trading amid a broad-market selloff, as Standard Chartered and HSBC shed 4.5% and 3%, respectively, followed by NatWest Group and Lloyds Banking, which lost 2.9% each. BNP Paribas and Societe Generale were down 3% and 2.6%, respectively, in Paris, followed by Credit Agricole, which fell 1.8%. Meanwhile on the DAX, Deutsche Bank and Commerzbank closed 2% and 1.2% lower respectively.

Automotive stocks slumped as French automaker Renault and Amsterdam-based Stellantis fell 3.9% and 2.9%, respectively in Paris, while tiremaker Michelin dropped 1.1%. And in Frankfurt BMW and Porsche fell 3% and 2.5% respectively, followed by Mercedes Benz, which lost 2.4% and Volkswagen and Daimler Truck, which were down 2.2% each.

Mining stocks were also down sharply, led by ArcelorMittal, which lost 6.9% in Paris, while Anglo American and Glencore fell 3.4% and 3.1% in London, followed by Antofagasta and Rio Tinto, which dropped 3% and 2.9%, respectively.