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


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 The NASDAQ OMX Group, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

Referenced Stocks: NVS , ASML , LOGI , EDAP , VOD

MT Newswires

MT Newswires

More from MT Newswires:

Related Videos

Freshman Finance 101
Freshman Finance 101                
Spot the Dropout RRC
Spot the Dropout RRC                
Power on/Power Off
Power on/Power Off                  



Most Active by Volume

  • $16.34 ▼ 0.12%
  • $10.64 ▲ 1.33%
  • $112.76 ▼ 0.47%
  • $5.86 ▲ 1.38%
  • $28.54 ▲ 0.42%
  • $104.31 ▼ 1.24%
  • $13.87 ▲ 0.95%
  • $10.40 ▲ 0.97%
As of 8/31/2015, 04:15 PM

Find a Credit Card

Select a credit card product by:
Select an offer:
Data Provided by