European ADRs Rise as U.S. Stocks Rally on Industrial Production Data

By Staff,

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European American Depositary Receipts rose on Wednesday as U.S. markets rallied following positive industrial production data.

Industrial production rose more than forecast in March after a February gain that was twice as big as previously estimated, indicating U.S. factories recovered from severe winter weather that affected industry in the first two months of the year.

European ADRs continued to make strides even as consumer prices in the European Union rose just 0.5% in March from a year prior, pointing to a threat of deflation.

The BNY Mellon Europe ADR Index rose 0.43% to bring its year-to-date gain to 0.42%.

Among European ADRs noting losses in Wednesday's session, Credit Suisse ( CS ) reported Q1 revenue fell to CHF6.47 billion ($7.3 billion), a decline from CHF7.01 billion. Net income was CHF859 million, down from CHF1.3 billion in the year ago quarter. The results were below Street estimates.

CS was down 2.3% at $31.30 trading in a 52-week range of $25.93 to $33.98.

Among the European ADR gainers, Veolia Environnement ( VE ) was up 3.23% at $19.81, close to the top of its 52-week range of $10.98 to $20.31.

And, Eni SpA ( E ) ADRs were up 1.35% at $51.62, marking a new 52-week high at $51.62 Wednesday after the oil company's CEO Paolo Scaroni was replaced with company executive Claudio Descalzi on Tuesday.

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: CS , VE , E

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