European ADRs Rally on U.S. Data and Philly Fed's Plosser


Shutterstock photo

European American Depositary Receipts rose on Tuesday as U.S. data and comments from Philadelphia Fed president Charles Plosser raised optimism that the world's largest economy will continue to gain growth momentum.

Markets were reassured by comments from Plosser, who said that Fed Chair Janet Yellen's rate forecast was not aggressive. And despite the harsh winter, housing data showed the recovery was on track.

The Bank of New York European index of American depositary receipts was last up 0.7% at 148.07. Advancers outpaced decliners in Europe two to one and in the U.K. four to one.

Leading European issues higher in early trade was French medical device company Edap ( EDAP ), up 3.7% to $3.05, and Italian luxury eyewear company Luxottica ( LUX ), up 3.4% to $55.67.

Telecom Italia ( TI ) was the worst-performing issue from continental Europe, down 0.9% to $11.05.

In other news, France-based specialty pharmaceutical company Flamel Technologies ( FLML ) was last up 1.4% to $13.16 after it posted a sharply narrowed adjusted Q4 loss, even as revenue fell.

Biopharmaceutical company GW Pharmaceuticals ( GWPH ), up 3.4% to $64.98, was the best-performing U.K. issue, followed by mining concern Rio Tinto (RIO), up 2.8% to $52.29. Cruise and travel company Carnival PLC (CUK) was the worst-performing U.K. issue, down 3% to $39.20. Carnival Corp (CCL) results disappointed investors.

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

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing Commodities
Referenced Stocks: EDAP , LUX , TI , FLML , GWPH

More from MT Newswires


MT Newswires

MT Newswires

Market News, Commodities
Follow on:

Find a Credit Card

Select a credit card product by:
Select an offer:
Data Provided by