European stocks were steeped in red Tuesday after a surprise fall in Chinese exports and a drop in oil prices helped drive commodity shares lower.

U.S. stocks snapped their five-day winning streak to close lower on Tuesday as supply woes weighed on oil prices and worries about a prolonged slowdown in China resurfaced.

Stocks in Asia were mostly down Wednesday as investors shied away from risk amid a slump in commodities and oil prices. Investors were being cautious ahead of the European Central Bank monetary policy meeting Thursday. Analysts largely expect the central bank to ease policy, though some investors are concerned that a stimulus expansion could fall short of expectations.

Based on MarketWatch materials