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European markets close slightly higher on earnings; Pandora tumbles 13%

  • The pan-European Stoxx 600 ended up 0.17 percent with most sectors and major bourses in positive territory.
  • Paddy Power reported lower revenues in the second quarter of the year, a day after the betting firm saw its shares fall nearly 5 percent amid news Chief Executive Breon Corcoran was standing down.
  • Pandora announced lower-than-expected profits in the second quarter. The Danish jewelry maker said challenges remain in the U.S. market. Its shares were off by more than 13 percent.

European bourses closed slightly higher on Tuesday, shrugging off weaker-than-expected trade data from China and Germany amid an otherwise upbeat outlook for global growth.

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FTSE
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DAX
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CAC
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IBEX 35
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The pan-European Stoxx 600 ended up 0.17 percent with most sectors and major bourses in positive territory.

Nokian Renkaat closed at the top of the European benchmark, surging over 6.5 percent higher after a strong second-quarter earnings report. The tire maker profited from higher Russian demand and a stronger ruble.

Travel and leisure stocks were the worst performers on Tuesday after weaker-than-anticipated earnings. Paddy Power reported lower revenues in the second quarter of the year, a day after the betting firm saw its shares fall nearly 5 percent amid news Chief Executive Breon Corcoran was standing down. Shares closed around 3.8 percent lower.

Household goods were also lower after new earnings releases. Pandora announced lower-than-expected profits in the second quarter. The Danish jewelry maker said challenges remain in the U.S. market. Its shares were off by more than 13 percent.

Meanwhile, in the U.S., stock indexes continued slightly higher as investors reacted to better-than-anticipated results from major retailers.

Trade data disappoints

Investors on Tuesday also digested trade data from Germany and France. For the former, June trade numbers disappointed slightly with exports dropping by 2.8 percent month-on-month in June, while imports were down 4.5 percent. In France, the current account deficit widened in June after exports declined slightly.

Brexit woes; no need for another Fed hike

In the U.K., the British Retail Consortium reported lower sales growth in July. Retail sales were up by an annual 0.9 percent on a like-for-like basis, down from a rise of 1.2 percent in June, according to the new data out Tuesday. Meanwhile, the Recruitment and Employment Confederation (REC) said Tuesday U.K. recruiters are blaming Brexit as a staff shortage worsened last month.

In the U.S., St. Louis Fed President James Bullard said Monday the central bank doesn't need to change rates in the near term because inflation is unlikely to rise significantly, despite improvements in the labor market.

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