The International Monetary Fund (IMF) cut its forecasts for global growth. It expects the world economy to expand 3.5% in 2015, down from an earlier projected 3.8% rise, and 3.7% in 2016, down from an earlier projected 4.0% gain.

The IMF expects that an economic slowdown in most major economies will outweigh the boost from lower oil prices.

The IMF estimates that Eurozone's economy will expand 1.2% this year and 1.4% in 2016.