European shares opened lower amid broad-based losses on Tuesday, as markets considered the implications of US President-elect Donald Trump’s policies, while some downbeat earnings compounded losses.

The pan-European STOXX 600 shed 0.9% as of 0816 GMT, with chemicals amongst the top decliners, down 1.4%.

Basic resources dipped 1.5% as most metal prices fell, while personal and household goods, which houses heavyweight China-exposed luxury firms, dropped 1.3%.

Mainland Chinese equities were under pressure after data showed unexpectedly weak loan demand in October.

Also adding to worries was Donald Trump’s likely choice of US Senator Marco Rubio, a top China hawk, to be his secretary of state.

European shares open higher at start of data-packed week

European equities have been under pressure as investors assessed the likelihood of tariff increases after Trump’s sweeping victory last week.

Data provider Decision Desk HQ projected that Trump’s Republican Party had won a majority in the US House of Representatives.

Among earnings-driven losses, Brenntag eased 9.2% after the German chemicals distributor reported a 4.9% drop in its quarterly core profit, missing market expectations.

German drugs-to-pesticides group Bayer fell 12.1% after it lowered the full-year operating earnings guidance.