Markets fall, Spanish economy contracts in third quarter

Markets fell on Tuesday, with the MSCI All-Country World Index falling 1.5 percent.

European stocks were hit especially hard, with the STOXX Europe 600 Index falling 1.7 percent.

European economic data were mostly negative.

The Bank of Spain reported that the Spanish economy shrank 0.4 percent in the third quarter, the same rate as in the second quarter.

An index of confidence among French factory executives fell to 85 in October, the lowest since August 2009, from 90 in September.

In Belgium, the business confidence index fell to -13.5 in October from -11.6 in September.

However, the eurozone consumer confidence indicator edged up to -25.6 in October from -25.9 in September.

Outside the euro area, the number of mortgage approvals for house purchases in the UK increased to 31,175 in September from 30,683 in August.