European ADRs Post Broad Declines as German Business Confidence Falls More Than Forecast
American depositary receipts of European companies posted broad declines Tuesday after German business confidence declined more than expected.
The Bank of New York Mellon Europe ADR Index fell 0.3%, compared with a 0.2% gain for the S&P 500 Stock Index. Decliners led advancers 62 to 42.
The Ifo Institute survey showed business confidence in Germany fell to 109.7 in June from 110.5 a month earlier. Analysts forecast a reading of 110.2. Respondents cited conflicts in Ukraine and Iraq as reasons for concern.
Carnival Plc ( CCL ) fell 1.9% to $38.68 after provided Q3 guidance that missed the Wall Street consensus.
Aviva Plc ( AV ) fell 1.5% to $17.27 per ADR after the insurance company's rating was downgraded to neutral from buy at UBS.
Advancers included Voxeljet Ag ( VJET ) +8.3%, Promotora de Informaciones Sa (PRIS) +7% and Qiwi Plc (QIWI) +4.3%.