European stocks and US futures dipped on Tuesday with China’s rate cuts falling below expectations and investors waiting for more details on China's economic recovery plan. China decreased its benchmark loan prime rates for the first time in 10 months by 10 basis points, lower than expected. The cut comes after stock market declines across Asia. Bank of America analysts said their effect was marginal and otherwise unlikely to boost an economy slide in the near term. Market speculators anticipate further stimulus measures, but investors remain sceptical. Citi is one of several major banks that has now lowered growth forecasts for China.