European ADRs Slip on China Growth Concerns and Ukraine/Russia tensions

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European American Depositary Receipts fell on Wednesday on concern about slower growth in China, the world's second largest economy, and ongoing Russia/Ukraine tensions.

China, the biggest consumer of most raw materials as it powers its factories for export-led growth, will release industrial production data later in the U.S. day. Russia's move into Crimea, home to its Black Sea Fleet, but an autonomous region of Ukraine, has prompted a crisis with both Ukraine and the West.

The Bank of New York European index of American depositary receipts was last down 0.8% at 148.70. Just four of the 51 issues from continental Europe were higher and five of the 43 issues based in the United Kingdom rose.


Spain-based infrastructure company Abengoa ( ABGB ) fell 7.8% to $22.45, German hardware company voxeljet ( VJET ) fell 5.3% to $29.92, while French hardware company Sequans Communications ( SQNS ) slid 4.9% to $3.11.

Energy issues were hit as a group on lower commodity prices. Italy's Eni ( E ) fell 0.4% to $47.89 and France's Total ( TOT ) was down 0.1% to $63.89.

In the U.K., GW Pharmaceuticals (GWPH) fell 5.7% to $77.66, British American Tobacco (BTI) slipped 3.2% to $106.87 and HSBC (HSBC) fell 1.5% to $50.01.



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: ABGB , VJET , SQNS , E , TOT

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