(Reuters) – European stocks fell sharply on Tuesday as investors waited for data from the May Purchasing Managers Index.

Pan-European STOXX 60 index fell by 1% on 0708 GMT. It had been 1.3% stronger at the beginning of the week. Utilities and commodities-linked stocks led the declines in all major sectors.

China shares plunged 2%, which weighed on Asian markets. Meanwhile, U.S. stock futures fell sharply because of more bleak corporate results.

Snap Inc (NYSE: ) reduces its quarterly forecast, leading to a stock market rout. Snap’s Frankfurt-listed shares fell by 34.6%

Global economic prospects are “darkened”, warned political and business leaders at the World Economic Forum in Davos.

Soon, the Purchasing Managers Index will show that eurozone manufacturing growth slowed slightly in May compared to April.

Adevinta, the Norwegian advertising agency rose 3.8% due to a greater-than-expected first quarter core profit.

Tele2 fell 8.1% following the sale of a 7.2% stake by Kinnevik, an investment company.