European markets fell on Tuesday on worries over trade war fears with tech stocks dropping over 1 percent.
Markets were closed on Monday and opened on Tuesday in Europe and the U.S. Paris, Frankfurt and London saw the main European markets down over 0.5 percent. Tech stocks fell 1 percent following U.S. President Donald Trump’s comments over Amazon.
On Wall Street the dollar gained against the yen following 3 days of losses with futures gaining. The S&P 500 fell below the 200 day moving average.
The Dow Jones fell 458 points at the end of trading, earlier in the day it fell over 700 points.
Traders are worried over a fresh escalation in a global trade war after Beijing imposed tariffs on over 120 U.S. products with tariffs of up to 25% which saw a selloff on Wall Street during the night. China has targeted imports of food, wine, steel and ginseng amounting to approximately $3 billion worth.in a tit for tat action after the U.S. imposed tariffs on steel and aluminium. Traders are anticipating Donald Trump to impose additional curbs in response with concerns over the impact it will have on global growth.
The Nikkei fell 0.45 percent.
The Shanghai Composite index was down 0.9 percent.
Brent oil futures edged back up to $68 a barrel.
U.S. Crude was up 14 cents to $63.15.
Copper gained 1.4 percent.