European stocks traded lower on Tuesday afternoon as traders monitored earnings and progress in U.S.-China trade discussions, while the U.K. looks set for a December election.

The pan-European Stoxx 600 was down 0.3% during afternoon deals, with telecoms falling 2% to lead losses while construction and material stocks added 0.6% and most sectors traded in the red.

Market players are largely following corporate earnings. BP reported a 41% drop in third-quarter net profit on the back of weaker oil prices and weather impacts. BP shares were down 4% in afternoon trade.

Meanwhile, offshore wind energy developer Orsted sank 7% to the bottom of the Stoxx 600 after lowering its long-term financial targets and announcing a cost-cutting program.

Finland’s Stora Enso was down by 5% after the packaging firm reported lower-than-expected sales and operating profit.

Source: CNBC