Asian shares stumbled on Tuesday, rattled by concerns over China's regulations for its once-freewheeling internet sector and the worldwide spike in COVID-19 infections driven by the Delta variant.
In early European trades, the pan-region Euro Stoxx 50 futures were down 0.04% and London's FTSE futures dropped 0.17%. Those of Germany's DAX fell 0.01%. U.S. stock futures, the S&P 500 e-minis , were down 0.27%.
Amid signs that the world's economic recovery is losing momentum, the continued spread of new COVID-19 variants and the impact on the global economy have also shaken market confidence. A raft of Chinese data on Monday showed a surprisingly sharp slowdown in the world's second-largest economy, while the New York Federal Reserve's Empire State barometer of manufacturing business activity fell more than expected."Entering the second half of 2021, we think the investor concern is shifting from inflation to growth globally," said Wang Qi, CEO at MegaTrust Investment.
Investors were also monitoring turmoil in Afghanistan, where thousands of civilians desperate to flee the country thronged Kabul airport after the Taliban seized the capital and declared the war against foreign and local forces over. Wall Street rebounded on Monday, pushing up two of its three major indices, with the benchmark S&P 500 and the Dow industrials hitting record highs, as investors moved into defensive sectors and stocks recovered from initial losses.
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