Stocks across Europe closed with losses Monday, as they start a new quarter with a heavy week of data, including from the European Central Bank. While German equities finished lower, they initially got help from the final March manufacturing PMI for Europe's largest economy being confirmed at a 71-month high at 58.3. The overall eurozone final March manufacturing PMI was also confirmed at a 71-month high, at 56.2.

U.S. stocks closed lower Monday, but off session lows, to kick off the second quarter as disappointing vehicle sales and lackluster economic data amplified concerns that lofty equity valuations won't be buttressed by commensurately strong corporate quarterly results in coming weeks.

Asian equities pulled back Tuesday as investors turned risk averse again amid growing investor uncertainty about U.S.-China trade and monetary policy in Japan and Europe. The yen rose against the dollar through the U.S. session, and has continued to strengthen in Asian trade.