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European Stocks Mainly Higher But Mixed Earnings Drag on FTSE 100

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European equity benchmarks were mainly higher on Tuesday with the exception of London's FTSE 100 Index, which was in the red after a raft of mixed earnings reports dragged the gauge lower.

In equities, InterContinental Hotels Group (IHG, IHG.L) was leading the decliners on London's FTSE 100 Index, down by 4.5% after unveiling plans for an efficiency program which it said would incur $200 million in exceptional costs. This came as the hotel operator posted 20% growth in adjusted earnings per share and a 7% increase in operating profit year-on-year in 2017.

High street bank HSBC Holdings (HSBC, HSBA.L), was 4.4% lower despite posting a 13% jump in pre-tax profit for 2017. Diversified mining major BHP Billiton (BHP, BBL, BLT.L)), 2.8% lower after posting a 37% drop in attributable profit in the half year ended December 31 2017. Reckitt Benckiser (RB.L), a consumer goods company, was 1.7% lower after posting flat like-for-like growth in revenue in the 2017 full year on Monday.

On Frankfurt's DAX, building materials manufacturer HeidelbergCement (HEI.DE) was 1.9% higher after posting an increase of sales volumes in all business lines and a 1% jump in group revenue during its fourth quarter. ProSiebenSat1 Media (PSM.DE) was up by 1.8% and Linde (LIN.DE) , an industrial gases group, was up by 1.1%. Medical products company Fresenius Medical Care (FME.DE, FMS) was 0.9% higher.

And, on Paris' CAC-40, Credit Agricole (ACA.PA) was up by 1.7%, building materials manufactuer LafargeHolcim (LHN.PA) was 1.3% higher and construction and high-performance materials manufacturer Saint-Gobain (SGO.PA) was also 1.3% higher.

The pan-European Stoxx 600 Index was 0.22% higher, London's FTSE 100 Index as down by 0.13%, Frankfurt's DAX was 0.38% higher and Paris' CAC-40 was up by 0.31%, respectively.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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