European stock prices are lower in midday trading Tuesday.

Both London's Financial Times index and the CAC-40 in Paris are down 2.7 percent, while the DAX index in Frankfurt is down nearly three and a half percent.

In New York, the S&P futures contract is down more than seven points, indicating a lower opening.

Tokyo's Nikkei index lost one percent to finish at 8,456.

Hong Kong's Hang Seng index plunged 3.4 percent to finish the day's trading at 16,250.

Gold is trading at $1,660.20 an ounce.

The dollar is higher against other major currencies.