European ADRs Rise as Fed's Yellen Speaks and Ukraine Tensions Ease


European American Depositary Receipts rose on Monday as Fed Chair Janet Yellen soothed investor concerns on stimulus and tensions eased in financial markets over Russia's move into the Crimea region of the Ukraine.

Yellen delivered her first speech since becoming chair of the Federal Reserve and indicated the central bank's support for the economy will be in place for some time. Russian Foreign Minister Sergei Lavrov and U.S. Secretary of State John Kerry met in Paris on Sunday and continue to talk in a bid to resolve the geopolitical crisis in Ukraine through diplomatic means.

The Bank of New York European index of American depositary receipts was last up 0.8% at 151.01. European advancers dwarfed decliners eight to one, while U.K. investors saw advancers outpace decliners two to one.

Dutch Financial services company ING Groep ( ING ) was the best-performing European ADR, up 4.4% to $14.32, followed by French oil and gas services company CGG ( CGG ), up 3.9% to $15.92. Portugal Telecom ( PT ) was the worst-performing ADR, down 0.7% to $4.29.

Spanish bank Banco Santander ( SAN ) gained 2.8% to $9.65 after Deutsche Bank upgraded the stock to maintain from sell.

Microprocessor design and chip equipment company ARM ( ARMH ) was the best-performing U.K. ADR, up 2.1% to $49.99, followed by insurance group Aviva (AV), up 1.8% to $15.88. Medical devices company Smith & Nephew (SNN) led decliners, down 1% to $76.03.

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

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This article appears in: Investing , Commodities

Referenced Stocks: ING , CGG , PT , SAN , ARMH

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