The European markets saw significant declines on Tuesday.
The FTSE Eurofirst 300 dropped 1.4 percent to 1,587.23.
The least of the losers in terms of percentage was the IBEX, which was down 0.98 percent to 14,909.7 in Madrid.
In Paris the CAC-40 was 1.69 percent lower to 5,907.47, while the Dax fell 1.73 percent to 7,806.79 in Frankfurt.
Car and truck manufacturers were among the few gainers on the session.
In Paris, Peugeot (Euronext: UG; OTC: PEUGY) added 0.75 percent to €65.59 for the best performance of the day on the CAC-40.
Meanwhile truck maker Man (FWB: EDF1) had the best day on the Dax as it added 1.54 percent to €109.02.
Still, the sector remained mixed with BMW (FWB: BMW) down 2.18 percent to €38.15.
Insurers had the worst day on both the Dax and the CAC-40.
In Frankfurt Allianz (FWB: ALV; NYSE: AZ) dropped 2.44 percent to €164.07, while in Paris Axa (Euronext: CS; NYSE: AXA) fell 3.27 percent to €30.50.
Utilities were also lower, with Eon (FWB: EOA; LSE: EON; NYSE: EON) down 2.12 percent to €120.03 and Suez (Euronext: SZE; NYSE: SZE) closing at €40.33, a decline of 2.58 percent.
In the semiconductors sector, STMicroelectronics (Euronext: STM; NYSE: STM) was 2.63 percent lower to €13.71, while among oil companies Total (Euronext: FP; NYSE: TOT) fell 2.28 percent to €59.17.
Deutsche Post (FWB: DPW; LSE: DPO) was down 2.26 percent to €22.07 after a report that United Parcel Service (NYSE: UPS) has seen strong growth internationally.