Global stocks fell on Tuesday after the release of fresh evidence that China's economy is slowing.

The Stoxx Europe 600 was down 0.3% in early trade, tracking Asian bourses lower.

Official data showed Tuesday that China's exports dropped 3.7% in September, adding to concerns that China's third-quarter growth figures, due next week, will fall below Beijing's target.

Hong Kong's Hang Seng Index was down 0.4% and Australia's S&P/ASX 200 was down 0.6%. The Shanghai Composite Index was up 0.2%, while Japan's Nikkei Stock Average fell 1.1% as it reopened after a holiday.

China's data has led to a "generalized selloff" in Asian equities, said Barclays analyst Rahul Bajoria.

Shares were down in Asia and Europe Tuesday despite Wall Street's gains on Monday, where the Dow Jones Industrial Average climbed for a seventh consecutive day, driven by a rally in consumer and health-care stocks.

In Europe, investors were also looking ahead to Germany's ZEW survey of business and economic expectations, which could show that slowing Chinese growth and the emissions-testing scandal at Volkswagen AG have dented the confidence of German firms. "The damage to the German brand cannot be underestimated here," said Michael Hewson, chief market analyst at CMC Markets.

In corporate news, SABMiller PLC's board agreed on the key terms of a sweetened takeover offer by Anheuser-Busch InBev NV, valuing it at £ 68 billion ($104.36 billion). The move sets the stage for the world's two largest brewers to combine after weeks of back and forth.

In the U.S., the third-quarter earnings season continues Tuesday, with results due from Johnson & Johnson, Intel Corp. and J.P. Morgan Chase & Co.

In currencies, the euro was last at $1.1393, up 0.3%, while the dollar was fell 0.2% against the yen.

In commodities, Brent crude was at $50.71 a barrel, gaining 1% on the day. Gold was at $1156.80 an ounce after rising sharply on Monday.

 

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(END) Dow Jones Newswires

October 13, 2015 04:25 ET (08:25 GMT)

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