Banks Lead European ADRs Higher as Slower Economic Growth Spurs Stimulus Speculation


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European ADRs rose 0.40% to 149.52 on Thursday morning, according to data published by the Bank of New York Melon Europe ADR Index.

Investors pushed stocks higher amid speculation that shrinking European economies could prompt the European Central Bank to add more stimulus. Germany said its GDP contracted 0.2% in Q2, while euro-zone economic growth was unchanged from Q1.

Banks as a group were the clearest gainers, with Swiss banks UBS ( UBS ) and Credit Suisse ( CS ), adding 0.8% and 1.7%, respectively. HSBC ( HSBC ) rose 1.9%, Royal Bank of Scotland ( RBS ) was higher 0.4%, and Bank of Ireland ( IRE ) added 4.5%.

Other European ADRs gaining included network infrastructure software and hardware company Nokia (NOK) and semiconductor company STMicroelectronics (STM), up 0.8% and 1.7%, respectively.

Mining companies were among the losers, including Rio Tinto (RIO), down 1.6%, and BHP Billiton (BBL), down 1%. 3D-printing company Voxeljet (VJET) fell 4% after reporting a larger-than-expected Q2 loss while peer Materialise (MTLS) shed 8.6%, even as it reported earnings in line with estimates.

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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This article appears in: Investing , Commodities
More Headlines for: UBS , CS , HSBC , RBS , IRE

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