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Europe stocks set to open lower as trade war fears continue

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European stocks are set to open lower Wednesday morning as the escalating threat of a trade war between the U.S. and China continues to weigh on major markets.

Despite the news that Chinese Vice Premier Liu He would travel to Washington on Thursday, fears have been growing that the proposed trade deal between the two economic powers is unraveling. Tuesday saw markets continue to tumble as investors monitored trade developments between the U.S. and China, with Europe's banking stocks taking a hit of more than 2%.

Stateside, investors will continue to monitor developments between Washington and Beijing closely after the Dow dropped 470 points overnight in its sharpest decline since early January, while the S&P 500 shed 1.65% and the Nasdaq Composite dropped 1.96%.

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