European stocks tumbled on Tuesday as Fed Chair Jerome Powell's nomination provided a little bit more legitimacy to market pricing in terms of policy tightening next year.
Traders also ramped up their bets on an ECB rate hike next year after ECB policymaker Francois Villeroy de Galhau, said on Monday that the central bank is "serious" about ending its emergency bond-buying program in March and may not need to expand regular asset purchases to cover the shortfall.
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