European stocks set to fall as global rout continues

European stocks were set to fall on Tuesday, adding to the previous session’s sharp declines, as an equities sell-off triggered by mounting fears of a U.S. recession continues to hammer stock markets worldwide.

Japanese shares fell more than 5 percent to a 28-month low, while Australian stocks sank 7 percent and Indian shares pared losses after losing 11.5 percent in early trade on Tuesday.

Financial bookmakers, or spread betters, in London expected Britain‘s FTSE 100 index to open between 30 and 43 points lower, the German DAX 32 to 47 points lower and the French CAC 40 33 to 47 points lower.

European shares sank 6 percent on Monday, their biggest one-day slide since the Sept. 11, 2001 attacks, as worries over the prospect of a U.S. economic downturn and fears of more write-downs in the financial sector sent investors running for cover. “Expectations are for further downside to be seen at the open for the major European markets and although after a run of selling there’s usually the potential for a rebound as the bargain hunters move in, today’s picture is a skewed by the fact Wall Street was shut yesterday so the first thing traders across the Atlantic will need to do is catch up,” said Matt Buckland, trader at CMC Markets.

U.S. stocks reopen on Tuesday after being closed for a holiday on Monday. (Reporting by Blaise Robinson; Editing by Quentin Bryar)