Asian and European stocks slide Tuesday

Global stocks posted losses Tuesday amid renewed concerns on European banks’ offset deals. Bad performance of Asian and European markets followed the trace of Wall Street with financial stocks leading decliners.

No major economic data were released to boost trading. Investors turned to pay attention to major deals in the airline, retailing, and consumer products industries. U.S. stocks did not extend the gains made in September although corporate confidence seemed to be improved thanks to acquisitions.

France\’s CAC-40 was down 1.1 percent to 3,724.15, Germany\’s DAX lost 0.9 percent to 6,222.56, and Britain\’s FTSE 100 shed 1 percent at 5,517.56.

Financial stocks were lower across the board. U.K. hedge fund manager Man Group PLC (LSE: EMG) led the big decliners due to its report of its pretax profit to fall about 55%.

Bank stocks also fell across Europe as confidence continued to be undermined due to concerns on sovereign debt. Barclays stock fell 2%, Basel and Zürich-headquartered diversified global financial services company UBS AG dropped 1.8%.

In Asian markets, the Shanghai Composite Index lost 0.6 percent to 2,611.35; South Korea\’s Kospi retreated 0.3 percent to 1,855.97, Hong Kong\’s Hang Seng fell 1 percent to 22,109.95; and Japan\’s Nikkei 225 stock average dropped 107.38, or 1.1 percent, to 9,495.76.

Japanese currency sustains strength while authorities may attempt to weaken again soon, following the central bank’s purchase of dollars to weaken its currency this month.

U.S. stocks posted gained on Tuesday as Wall Street found comfort in corporate deals and earnings. The advancers outnumbered the decliners with ratio 3: 1 on the New York Stock Exchange with trading volume of over 1 billion shares.

The S&P 500 Index jumped 5.54 points to 1,147.70. The Nasdaq Composite Index advanced 9.82 points to 2,379.59. The Dow Jones Industrial Average finished up 46.10 points at 10,858.14, led by chip maker Intel Corp. and pharma giant Pfizer Inc.

Endo Pharmaceuticals Holdings Inc. reported that it would acquire Qualitest Pharmaceuticals for $ 1.2 billion. Its shares advanced 8.1%.

Art Hogan, chief market strategist at Jefferies & Co, said that businesses were seeing bargains out there even with the significant run-up on a valuation basis.

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