European stocks are under pressure

Europe is under pressure as oil hits fresh lows. European stocks were called sharply lower on Wednesday, taking cues from a weak session in Asia and fresh lows in the oil markets.

Asian stocks tumbled Wednesday, with major indexes declining by more than 1 percent each, as global sentiment remained low on concerns over economic growth, China and low oil prices.(Nikkei 225: -2.90 %; Hang Seng :  -3.77 %;  S&P/ASX 200: -1.32 %; Shanghai Composite: -1.37 %; Topix: -2.95%)

Overnight, the International Monetary Fund (IMF) cut its global growth forecast for 2016 to 3.4 percent, from 3.6 percent. The organization cited slower growth in emerging markets, especially in China, falling commodity prices, and rising interest rates in the U.S. as potential risks to global growth.

Global markets are in focus today as global leaders gather for the 2016 World Economic Forum in Davos, Switzerland.

Eurozone would expect only: 09:00 - German PPI (MoM) (Dec) forecast: -0.4%, while in 11:30 UK Office of National Statistics will publish the UK Average Earnings Index + Bonus forecast 2.1% and Unemployment Rate (Nov), forecast at  5.2%.