Investing.com - European stock markets were lower after the open on Tuesday, as steep losses in Asian and U.S. equities dampened sentiment.
During European morning trade, the EURO STOXX 50 fell 0.5%, France’s CAC 40 shed 0.4%, while Germany’s DAX 30 declined 0.9%. Elsewhere, Spain’s IBEX 35 dipped 0.45% Italy’s FTSE MIB index inched down 0.1%, while in London, the FTSE 100 edged down 0.7%.
Europe was given a negative lead from Asia, where Japan’s Nikkei 225 index plunged more than 4% to hit a three-month low. The Nikkei is down over 14% since hitting a six-year peak of 16,320 on December 30, placing the index firmly in technical correction territory.
Meanwhile, in the U.S., the Dow Jones Industrial Average and the S&P 500 tumbled more than 2% Monday after data showed that manufacturing activity in the U.S. fell to a seven-month low in January.
The disappointing data underlined concerns over the global economic recovery following a report which showed that Chinese factory output weakened to a six-month low last month.
In earnings news, shares of UBS rallied 3.5% after the Swiss bank swung to a profit in its quarterly results.
On the downside, oil major British Petroleum slumped 1.4% after the company reported its first quarterly loss since 2000.
ARM Holdings saw shares tumbled 5% after the chip maker posted a loss.
Across the Atlantic, U.S. equity markets pointed to a mildly higher open as investors looked ahead to key U.S. economic data later in the week for further indications on the future course of monetary policy.
The Dow Jones Industrial Average futures pointed to a gain of 0.15%, S&P 500 futures signaled a 0.2% rise, while the Nasdaq 100 futures indicated an increase of 0.1%.