European ADRs Slip on US Air Strikes, Resumption of Fighting in Gaza; Banks Buck The Trend


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European ADRs as a group contracted 1.55% to 147.54 on Friday morning, according to data published by the Bank of New York Melon Europe ADR Index.

As a cease-fire ended in Gaza and the U.S. conducted air strikes in Iraq, European markets were sharply lower with ECB President Mario Draghi's recent comments that geopolitical risk is a particular threat to European markets fresh in investors' minds.

Among the ADR decliners from continental Europe were pharmaceutical giant Novartis ( NVS ), down 0.7%, technology firms ASML Holding ( ASML ), down 1.0% and Logitech International ( LOGI ), down 0.3% and Edap ( EDAP ), which is developing an ultrasound treatment of localized prostate cancer, down 4.7%.

Lead ADR decliners from the U.K. included mobile communications company Vodafone ( VOD ), slipping 1.6%, spirits seller Diageo (DEO), down 1.9%, and mining giant Rio Tinto (RIO), down 0.7%

Banks were the biggest ADR gainers, Spain's Banco Santander (SAN) and Banco Bilbao (BBVA) both rose 1.2%, Switzerland's UBS (UBS) and Credit Suisse (CS) were up 2.1% and 1.5% respectively, and the National Bank of Greece (NBG) rose 0.3%.

Also, bank ADRs from the U.K. and Ireland gained. Lloyd's Banking Group (LYG) added 0.8%, Royal Bank of Scotland (RBS) was higher 2.5% and Bank of Ireland (IRE) added 1.5%.

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

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This article appears in: Investing , Commodities
More Headlines for: NVS , ASML , LOGI , EDAP , VOD

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