Global equities down as Chinese banks cut key mortgage reference rate

Chinese banks cut their benchmark mortgage interest rate on Tuesday in a bid to revive demand in the property sector

Central bank of the People's Republic of China: Gains in Chinese equities on Monday fell short of expectations in the first session back following the Lunar New Year holiday. Picture: Getty

US and European equity futures fell along with Asian stocks, after a reduction in China’s mortgage reference rate failed to dispel concerns about the world’s number two economy.

Contracts for the S&P 500 and Nasdaq 100 benchmarks retreated after US markets were closed Monday for a holiday. Futures for the region-wide Euro Stoxx 50 index also declined, while a gauge of Asian stocks dropped for the first time in four sessions.

Benchmarks in Japan, Australia ...