LONDON -- Equity markets are continuing to trade lower in Europe today as investors standing on the sidelines and await a series of economic data over the next few days that offers risk potential. This includes U.S. trade data to be released today, where the majority of estimates are expecting the deficit to have widened in July due to slowing economic growth hitting demand for American exports. Despite this weakness on the continent, however, early premarket trade actually has Wall Street on a more upbeat note, with the S&P 500 (INDEX: ^GSPC) set to open around 0.2% higher.

Even with these gains, there are some European stocks that may do better. Here are three American depositary receipts that are set to beat the S&P today.

Nokia (NYSE: NOK)
The Finnish phone maker is seeing another day of solid gains Tuesday, up almost 2.5% as it continues to benefit from last week's release of its new Lumia handset. The release pre-empted rival company Apple (NYSE: AAPL), which is due to debut the latest iPhone update tomorrow, in hopes that it would gain an advantage for the new Nokia smartphone, whose predecessors have seen disappointing sales so far.

Deutsche Bank (NYSE: DB)
The German bank is up more than 2% in Frankfurt today after it said it will cut costs by 4.5 billion euros in order to boost profitability while regulation demands higher capital requirements. Among measures being considered, the bank said it will extend the period for deferred bonuses for senior staff and appoint an external committee to review compensation. The company said it is aiming to increase after-tax profit to at least 12% by 2015.

Sanofi (NYSE: SNY)
The pharmaceutical giant is up 1.5% today after news suggested that AIDS researchers may have found clues to explain why an HIV vaccine that Sanofi produced worked better on some people than others in a 2009 trial in Thailand. The vaccine -- the only one that has had any success fighting HIV -- was shown to be more effective in individuals with certain gene mutations, and hopes are building that the findings will now help the creation of future vaccines.

Despite the ongoing eurozone troubles, this morning's European trading did provide some winners -- and perhaps some European buying opportunities. Indeed, legendary investor Warren Buffett has recently spent more than $1 billion buying the stock of a prominent European large cap.

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