Asian and European shares were mostly lower Tuesday as losses in the technology sector weighed on global benchmarks.
France's CAC 40 dipped 0.6% to 5,807.12. Germany's DAX lost 0.7% to 12,183.60. Britain's FTSE 100 dropped 1.2% to 6,878.65. The future for the Dow industrials was down 0.7% at 29,059.00. The contract for the S&P 500 lost 0.8% to 3,597.00.
"Japan and South Korean markets are catching up to previous global market losses, with their exposure to the tech sector spurring a greater extent of the sell-off as mirrored in Wall Street," Yeap Jun Rong, a market strategist at IG in Singapore, said in a report. In China, technology shares were hit by renewed selling after steep losses on Monday. Chip equipment maker Naura Technology sank 10% and Hwatsing Technology dropped 12.2%.Wall Street has been roiled by worries over stubbornly hot inflation and the Federal Reserve's plan to tame high prices by raising interest rates. The goal is to slow economic growth and cool both borrowing and spending to get inflation under control, but the plan risks sending the economy into a recession.
The closely watched report on consumer prices will be released on Thursday and a report on retail sales is due Friday.
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