StockMarketWire.com - UK stocks opened lower on Tuesday in the wake of substantial falls on Wall Street triggered by rising bond yields that are stoking recession fears.

At 0854, the benchmark FTSE 100 index was down 22.39 points, or 0.3%, at 7.204.33.

Travel company TUI gained 3.2% to 836.4p, despite posting a 55% fall in third-quarter profit owing to lower consumer confidence, sapped by Brexit, and the grounding of Boeing's 737 MAX aircraft.

TUI, however, also stuck to its full-year earnings guidance, dousing fears of yet another downgrade, and said it had agreed to sell two German specialist businesses -- Berge & Meer and Boomerang -- for an enterprise value of €96m to €106m, including a €10m earn-out.

Greeting cards retailer Card Factory added 1.4% to 164.2p, as it returned to positive like-for-like sales growth in the first half of the year.

Online broking house Plus500 rallied 13% to 646p, even as it booked a 56% fall in first-half profit.

The company also launched a $50m share buyback and said its performance had improved during the second quarter, as choppier market conditions increased trading opportunities.

Water and climate-management product manufacturer Polypipe shed 1.2% to 398.4p as it posted a reasonably modest 4.3% rise in first-half profit.

Aviation services group John Menzies descended 4.9% to 394.5p after it revealed a first-half loss, citing a loss of business in the second half, weak cargo volumes and the grounding of Boeing's 737 Max aircraft.

Luxury watch retailer Watches of Switzerland ticked 3.7% higher to 394.5p as it grew revenue by 18% in its first quarter, with gains posted in both the UK and US.

Newspaper and magazine distributor Connect shed 5.9% to 35.4p on warning that its overall trading performance was 'slightly below' market expectations.

Auto dealer Marshall Motor advanced 0.7% to 140p, despite cutting its dividend by a third and reporting 9% fall in first-half profit.

Sensor system provider Transense Technologies jumped 13% to 68.98p on the back of news that it had sealed a plum supply agreement with tire company Bridgestone.

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