European bourses were trading near the flat-line Tuesday following the release of German trade balance data, and as investors focused on some corporate results.
As per official statistics, Germany's trade surplus expanded more than what analysts had expected during July. The surplus amounted to 15.7 billion euros during the month as compared with a surplus of 14.6 billion euros recorded in the prior month.
Meanwhile, China 's trade data, released earlier in the day, also supported sentiment. European stocks took cues from their Asian counterparts and climbed at open, but the gains soon fizzled out as stocks returned to the flatline amid lingering concerns over the future of U.S. Federal Reserve's monthly bond-purchase program. Two officials of the U.S. central bank said the Fed might start scaling back its asset purchases as early as September.
Some corporate results were also in focus during the trade.
Stocks on the Move
Financials were trading mostly on the higher side earlier in the session. Societe Generale SA added 1.7% while Credit Agricole SA moved up 1.5% in France.
German lender Deutsche Bank AG edged up 0.2% even as Commerzbank AG soared nearly 10% after posting a profit in the second quarter.
Mining stocks in London helped offset some losses in the financials sector. Anglo American plc. gained 3.3% while Glencore Xstrata Plc. was up 3.4%. Top miners BHP Billiton Plc. and Rio Tinto added around 1.5% each. Rio Tinto posted a 71% lower net profit of $1.72 billion for the six months ended June 30.
German sportswear company Adidas AG dropped 1.2% after lowering its sales guidance while sticking to its net profit forecast.
Nestle SA reported first-half results in line with expectations but the food company lowered its growth forecast. Shares fell 2.2% in wake of the news.
On the other side, Henkel AG & Co KGaA rose 2.7% after posting strong performance in the second quarter.
Aviva Plc. edged up 0.7% after swinging to profit in the first half while Deutsche Telekom AG jumped around 4% despite issuing a lower full-year earnings guidance.