Markets

European markets move lower; trade data disappoints; Nokian Renkaat up 8%

The pan-European Stoxx 600 edged lower by 0.14 percent with most sectors moving south. Travel and leisure stocks were the worst performing sector in early deals on earnings. Paddy Power reported lower revenues in the second quarter of the year. On Monday, the betting firm saw its shares fall nearly 5 percent after announcing that Chief Executive Breon Corcoran was standing down. Shares were down by nearly 4 percent Tuesday.

InterContinental also fell about 3.5 percent in early trade after its global comparable revenue per available room dropped from the previous quarter. Nonetheless, the group reported higher profits for the first half of the year.

Household goods were also lower after new earnings releases. Pandora announced lower-than-expected profits in the second quarter. It said challenges remain in the U.S. market. Its shares were off by more than 8 percent.

U.K. housebuilder Bellway said Tuesday it sees its fiscal 2017 revenue up by 13 percent from the previous year due to higher home volume growth. The housebuilder was marginally higher in early deals.

Meanwhile, utilities jumped on earnings. The energy trading group Uniper rose above 3 percent on Tuesday after raising its profit outlook.

Nokian Renkaat hit the top of the European benchmark, up by more than 8 percent, on a strong second-quarter earnings report. The tire maker profited from higher Russian demand and a stronger ruble.

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