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UBS shares sank by 4.4 percent after fresh earnings on Tuesday missed estimates as it noted outflows at its wealth management division.
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Shares of U.K. airline easyJet also fell 0.8 percent after a trading update highlighted that operations had been affected by the drone disruption at Gatwick last year.
European stock markets were in negative territory on Tuesday morning amid concerns on slowing global growth.
The pan-European Euro Stoxx 600 Index was hovering near the flatline with all major bourses falling in the first hour of trade. Banks and miners dragged the stocks lower, down more than 1 percent and 0.7 percent respectively.
UBS UBSG-CH shares sank by a little over 4 percent after fresh earnings on Tuesday missed estimates as it noted outflows worth nearly $8 billion at its wealth management division.
Shares of U.K. airline easyJet also fell 0.8 percent after a trading update highlighted that operations had been affected by the drone disruption at Gatwick last year.
More broadly, sentiment remains weak in Europe after some recent warnings on global growth. The International Monetary Fund (IMF) cut its forecast for global growth in 2019 on Monday. It now expects 3.5 percent growth this year and 3.6 percent in 2020, down 0.2 and 0.1 percentage points from its last forecasts in October.
The Fund said it had lowered its forecast for a number of reasons including trade tariffs between China and the United States and weakness in the German auto industry.
Meanwhile, Beijing announced Monday that the Chinese economy grew 6.6 percent in 2018 , the slowest pace since 1990. Stocks in Asia traded lower Tuesday afternoon on the back of the IMF's latest outlook.
The forecasts were released on the eve of the World Economic Forum (WEF) in Davos. Heads of state, government officials, business leaders and policymakers are gathered in the Swiss resort this week to discuss the world's most pressing problems with this year's theme focusing on how to make globalization more inclusive.
In other news, in the U.K. Prime Minister Theresa May is continuing to try to salvage her Brexit plan and promised to be "more flexible" with Parliament on Monday . She said she would also seek further concessions from the European Union on the Irish border, a key stumbling block in the withdrawal process.
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