European stocks are seen slightly lower on Tuesday as markets look set to continue a three-day sell-off, after China's offshore yuan hit a record low and the U.S. branded Beijing a 'currency manipulator'.
Global stocks extended already substantial losses Monday as
to an 11-year low, as Washington formally accused Beijing of manipulating its currency, the first designation of its kind since 1994., a blow to American farmers already stretched by the trade war. Markets worldwide have been in freefall since U.S. President Donald Trump on Thursday unexpectedly announced 10% tariffs on another $300 billion worth of Chinese goods, starting September 1.
Back in Europe, June factory orders and July construction PMI data for Germany is due Tuesday morning. Reuters reported on Monday that two of Germany's leading economists had urged the government to ditch its pledge to refrain from new debt, due to a combination of record-low borrowing costs and a slowing economy.
In corporate news, German postal giant Deutsche Post and Luxembourg-based serviced office provider IWG are set to report earnings Tuesday morning.
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