European stock markets are tumbling as they open

US stocks opened in positive territory on Tuesday, but the rally quickly turned to dust. In fact, the S&P 500 had its biggest one day reversal since October 2008, during the dark days of the financial crisis.

A similar process seems to be taking place in Europe, over two days - European markets had closed by the time US equities went sour on Tuesday. After a rally yesterday, things are going south this morning.

Here's how it looks so far, 10 minutes after markets opened:

• Germany's DAX: -2.30%
• The UK's FTSE 100: -1.83%
• France's CAC 40: -2.41%
• Italy's FTSE MIB: -1.93%
• Spain's Ibex: -1.91%

S&P 500 futures are currently in positive territory though, up 0.46% to 1881.15.

Chinese equities were up, but the Shanghai Composite is now in the red, down by more than 1% despite yesterday's interest rate cuts.