LONDON (AP) -- A warning from the World Bank that global growth this year won't be as high as previously thought has weighed on stock markets Wednesday and sent the price of copper to its lowest level in more than five years. The euro, meanwhile, fell below its launch level in 1999 after a court ruling that many analysts think will pave the way for a monetary stimulus from the European Central Bank next week. KEEPING SCORE: In Europe, France's CAC 40 was down 1.1 percent to 4,243 while Germany's DAX fell 0.9 percent to 9,855. Britain's FTSE 100 was 1.6 percent lower at 6,436, underperforming its peers because miners make up a big chunk of the index. Wall Street was poised for a lower opening with both Dow futures and the broader S&P 500 futures down 0.5 percent. DISMAL FORECAST: The World Bank downgraded its forecast for global growth this year to 3 percent from 3.4 percent, blaming sluggish performances in Europe and Japan and the slowdown in China. Lower oil prices and stronger U.S. growth may offset some of that weakness, but the bank sees risks to emerging markets if investors shift funds to take advantage of rising interest rates and improving economic prospects in the United States. COPPER CAPITULATES: The price of copper, a metal used in many industries, plunged for a second day following the World Bank's downgrade, trading 5.1 percent lower at $5,353 a ton. Its fall hit mining stocks, such as London-listed Antofagasta PLC, which was 6.5 percent lower at 663 pence. ANALYST TAKE: "Copper can be a good leading indicator for the global economy because it is widely used in construction and manufacturing processes," said Fawad Razaqzada, a technical analyst at Forex.com. EUROPEAN COURT RULING: The euro dropped to a fresh nine-year low of $1.1725, which is below its launch rate of $1.1747. It has since recovered to trade flat on the day at $1.1782. The trigger for its decline was a ruling from Pedro Cruz Villalon, an advocate general with the European Court of Justice, that the European Central Bank's offer in 2012 to buy government bonds of troubled countries is legal in principle. Analysts said that ruling has cleared the way for the ECB to announce a program to buy government bonds — so-called quantitative easing — at its Jan. 22 policy meeting. ENERGY: Oil prices continued to drift lower in the wake of remarks from the United Arab Emirates' energy minister that the OPEC oil cartel has no plans to curb production to shore up prices that have slumped almost 60 percent since June. U.S. crude was down 69 cents to $45.20 a barrel in electronic trading on the New York Mercantile Exchange. Brent crude, a benchmark for international oils, fell 82 cents to $47.00 in London. Some of the fall in crude reflects oversupply but analysts say a weak global economy is also a factor. ASIA'S DAY: Japan's Nikkei 225 dropped 1.7 percent to 16,795.96 and South Korea's Kospi edged 0.2 percent lower to 1,913.66. The Hang Seng in Hong Kong slipped 0.4 percent to 24,112.60 and Australia's S&P/ASX 200 fell 1 percent to 5,353.60. The Shanghai Composite index surrendered 0.4 percent to 3,222.44.
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