BEIJING (AP) — Global stock markets declined this morning as investors looked ahead to a Federal Reserve report for an update on when U.S. stimulus might start winding down.

London and Frankfurt opened lower while Shanghai and Hong Kong declined. Tokyo advanced.

On Monday, Wall Street’s benchmark S&P 500 index rose to a new record, shrugging off worries about the spread of the more contagious delta variant of the coronavirus.

Investors awaited the Fed report Wednesday for signs of the central bank’s level of concern about inflation and when it might start rolling back easy credit and other economic stimulus. Minutes of the Fed meeting in June showed board members discussed how and when they might reduce monthly bond purchases that inject money into the financial system.

“We expect Jay Powell to reiterate that the tapering discussion is underway, but that it’s too soon to reveal a specific date,” Danielle DiMartino Booth of Quill Intelligence said in a report.

In early trading, the FTSE 100 in London lost 0.9 percent to 6,961.11 and the DAX in Frankfurt was off 0.9 percent at 15,471.67. The CAC 40 retreated 0.7 percent to 6,534.16.

On Wall Street, the S&P 500 future was off 0.4 percent and that for the Dow Jones Industrial Average lost 0.5 percent.

On Monday, the S&P 500 and Dow both gained 0.2 percent. The Nasdaq composite added less than 0.1 percent.

In Asia, the Shanghai Composite Index lost 2.5 percent to 3,381.18 as data-safety and other enforcement actions weighed on Chinese internet and other companies. The Hang Seng in Hong Kong tumbled 4.2 percent to 25,086.43, pulled down by China shares.

The Nikkei 225 in Tokyo advanced 0.5 percent to 27,970.22.

The Kospi in Seoul rose 0.2 percent to 3,232.53 after economic growth moderated to 0.7 percent over the previous quarter in the three months ending in June, down from previous quarter’s 1.7 percent.

Australia’s S&P-ASX 200 advanced 0.5 percent to 7,431.40 and India’s Sensex sank 0.6 percent to 52,505.70. New Zealand, Bangkok and Jakarta, Indonesia, declined while Singapore advanced.

Shares in Chinese companies sank after Beijing announced enforcement measures on technology and real estate and were reported to be considering restrictions on for-profit education ventures. Authorities say they need to protect public safety and financial stability, restrain surging housing costs and promote social welfare. But their abrupt orders shook investor confidence.

Beijing announced a 6-month campaign to clean up what it says are serious problems with internet apps violating consumer rights, cyber security and “disturbing market order.” Internet giant Tencent Holding Ltd. was ordered Saturday to end exclusive contracts with music copyright holders that market regulators said harmed competition. Companies have been fined for anti-monopoly offenses.

Tencent’s Hong Kong-traded shares fell 9 percent today. E-commerce giant Alibaba Group lost 6.3 percent and JD Logistics Inc., an arm of online retailer JD.com., tumbled 11 percent. Smartphone maker Xiaomi Corp. shed 5.8 percent and computer and smartphone maker Lenovo Group lost 4.1 percent.

“A painfully sobering message may be: ‘You can take the company listing out of China, but you can’t take China (risks) out of the company,'” said Mizuho Bank in a report. “If unresolved, this may ultimately impair the ability of Chinese firms to raise global capital, a serious impediment to Beijing’s aspirations to grow global champions.”

U.S. traders are looking for earnings reports from more large companies this week. Google’s parent, Alphabet, reports today. So do Apple and Microsoft. Pfizer and Boeing report Wednesday.

Electric vehicle company Lucid Motors, now dubbed Lucid Group, rose 10.6 percent in its public debut after being bought by blank-check company Churchill Capital Corp.

In energy markets, benchmark U.S. crude fell 6 cents to $71.85 per barrel in electronic trading on the New York Mercantile Exchange. The contract fell 16 cents to $71.91 on Monday. Brent crude, used to price international oils, advanced 5 cents to $73.75 per barrel in London. It rose 40 cents the previous session to $74.50.

The dollar declined to 110.04 yen from Monday’s 110.39 yen. The euro fell to $1.1782 from $1.1800.