European stocks: Several major European stock markets fell by more than 1% in the early session, with Telefonica dropping over 9%

European stock markets fell in early trading, with stocks in France, Germany, Italy, and Spain each dropping over 1%, and U.S. stock futures also retreating.

The pan-European STOXX 600 index fell by 6.3 points or 1.1%, closing at 565.98 points. The UK FTSE 100 index dropped by 70 points or 0.7%, closing at 9,630 points; the French CAC 40 index fell by 100 points or 1.2%, closing at 8,009 points; the German DAX index decreased by 328 points or 1.4%, closing at 23,803 points; the Spanish IBEX 35 index fell by 208 points or 1.3%, closing at 15,828 points; the Italian FTSE MIB index dropped by 453 points or 1.1%, closing at 42,769 points.

Telefonica cut its dividend by half to reserve resources for business growth, causing its stock price to plunge over 9%. Semiconductor stocks, such as STMicroelectronics, fell by 2.8%. Resource stocks, including Anglo American, dropped by 2.7%, while airline stocks like Lufthansa and luxury goods stocks like Hermès fell by 2.4%. Zara's parent company Inditex declined by 2%.

U.S. stock futures fell, with Dow futures down by 355 points at 47,118 points; S&P 500 futures down by 66 points at 6,816 points; and Nasdaq 100 futures down by 330 points at 25,773 points.

In the Asia-Pacific stock markets, the Shanghai and Shenzhen stock markets fell by 0.4% and 1.7%, respectively. The Hong Kong Hang Seng Index dropped by 205 points or 0.8%, closing at 25,952 points, with a turnover of 240 billion yuan. The Taiwan stock market fell by 0.8%. The Japanese and South Korean stock markets dropped by 1.7% and 2.4%, respectively, while the Australian stock market fell by 0.9%. The New Zealand stock market rose by 0.4%. The Indian Nifty 50 index fell by 95 points or 0.4%, closing at 25,668 points. The Singapore Straits Times Index dropped by 23 points or 0.5%, closing at 4,421 points. The Malaysian stock market rose by less than 0.1%, while the Indonesian and Thai stock markets fell by 0.3% and 0.5%, respectively. The Vietnamese markets in Hanoi and Ho Chi Minh City rose by 2.6% and 2.2%, respectively, and the Philippine stock market rose by 0.7%