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

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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.



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This article appears in: Investing , Commodities

Referenced Stocks: EDAP , LUX , TI , FLML , GWPH

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