European markets are slumping Tuesday in a marked reversal of results earlier in the day in Asia.
The FTSE in London is down 1.7% in early afternoon trading, Paris’ CAC-40 index is 1.8% lower and Frankfurt’s DAX index is down 1.9%.
Asian markets were mostly higher Tuesday, with the S&P/ASX in Sydney closing 2.4% higher to lead the region, while Hong Kong’s Hang Seng was up 1.1%. The Shanghai Composite index gained 0.6%, while both the KOSPI index in Seoul and Taiwan’s TSEC index closed 0.2% higher.
Tokyo’s Nikkei index finished 0.3% lower for the day, while Mumbai’s Sensex lost 1.2%.
Oil markets are also down Tuesday, with U.S. crude selling at $37.95 per barrel, down 0.6%, while Brent crude is selling $40.48 per barrel, down 0.7%.
The Dow Jones, S&P 500 and Nasdaq continue to trend lower in futures trading, despite finishing Monday’s trading day with solid gains. The S&P 500 climbed back to its pre-pandemic levels, while the Nasdaq, which heavily tracks the technology sector, closed at a record high, despite news that the U.S. had officially fallen into a recession.