European equities markets were substantially lower on Tuesday, with most major markets losing more than 1 percent during the course of the session.
The FTSE Eurofirst 300 fell 1.06 percent to 1,608.25.
In Madrid, the IBEX was 1.01 percent lower to 14,823.9, while the Dax dropped 1.39 percent to 7,964.76 and the Paris CAC-40 was down 1.4 percent to 6,019.22.
The automobile manufacturing sector was lower, with carmakers taking the top loser spot on both the Dax and the CAC-40.
In Frankfurt, BMW (FWB: BMW) fell 3.02 percent to €40.31, while in Paris Peugeot (Euronext: UG; OTC: PEUGY) was the biggest loser, dropping 3.81 percent to €62.95.
Renault (Euronext: RNO) was also lower, falling 2.46 percent to €116.15.
Banks also saw declines on the session, with Deutsche Bank (FWB: DBK; NYSE: DB) down 2.1 percent to €106.28 and Societe Generale (Euronext: GLE) at 2.11 percent lower to €135.01.
The industrial gases sector saw gains, however.
Linde (FWB: LIN) was 0.31 percent higher to €89.72, while Air Liquide (Euronext: AI) gained 0.64 percent to €96.84 on speculation that private equity firm KKR could be interested in making a bid.
In the semiconductors sector, Infineon (FWB: IFX; NYSE: IFX) had the best day on the Dax as it climbed 0.39 percent to €12.97 on rumors that it, too, could be a takeover target.
The best performer of the day in Paris was property investment group Unibail (Euronext: UL), which gained 0.81 percent to €187.20.