Picture used for illustrative purpose. File

Gulf Today Report 

European shares declined on Tuesday as tobacco companies weighed on UK stocks. 

The pan-regional STOXX 600 index dropped 0.2% by 07:07 GMT. 

UK's blue-chip FTSE 100 fell 0.4%, Germany's DAX was flat and France's CAC 40 slipped 0.3%. 

Shares of British American Tobacco, Imperial Brands and Swedish Match fell between 1.7% and 5.6% in early trading following a report the Biden administration was considering requiring tobacco companies to lower the nicotine levels in all cigarettes sold in the United States.

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Asian shares

Asian markets dropped on Tuesday as Japan fears a surge in COVID-19 cases and Wall Street declined.

Hong Kong was flat and Shanghai was down 0.1 per cent by the afternoon, while London was flat soon after the opening bell.

Sydney was down 0.7 per cent after a Reserve Bank meeting while Mumbai climbed 0.2 per cent as India battles surge in COVID-19. 

According to Stephen Innes of Axi "It seems like investors might be having a bit of a second thought up here as US earnings season starts to heat up and peak optimism is beginning to set in." 

In Japan, there have been calls for states of emergency in the Osaka region and possibly Tokyo following the surge in cases. 

The new measures could involve tougher restrictions including asking shops and restaurants to close, according to media.