LONDONSYDNEY, Aug 8 Reuters Global stocks fell on Tuesday and the dollar climbed as investors assessed the latest weak economic data out of China, while banks dragged euro zone indexes lower after Italy approved a windfall tax on lenders.

MSCI39;s index of global stocks fell 0.32 after climbing 0.5 on Monday. The MSCI Asia index, which excludes Japan, dropped 1.18.

Data showed China39;s imports contracted by 12.4 in July, far more than forecasts for a 5 drop. Exports fell by 14.5, compared with a fall of 12.5 tipped by economists.

European stock indexes fell sharply, with the panEuropean STOXX 600 down 0.55 and Germany39;s DAX off by 1.14. Britain39;s FTSE 100 was down 0.6.

The trade figures are absolutely terrible, said Timothy Graf, head of macro strategy for EMEA at State Street.

It39;s a bit of a mild, classic, riskoff type of day where you39;ve got equity futures, led by Asia, heading lower and rates heading lower.

Futures on the U.S. SP 500 were down 0.54 after the stock index climbed 0.9 on Monday. Nasdaq futures were 0.53 lower.

Graf said more worrying news out of China39;s enormous and shaky property sector was also likely weighing on markets.

Country Garden, China39;s biggest privately owned property developer, said on Tuesday it had not paid two dollar bond coupons due on Aug. 6, adding to signs of severe stress in the sector.

The dollar picked up against its major trading partners as investors shifted towards safer assets, with the dollar index last…