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European ADRs Post Broad Declines as German Business Confidence Falls More Than Forecast

By: MT Newswires
Posted: 6/24/2014 11:59:00 AM
Referenced Stocks: CCL;AV;ABGB;IRE;VJET

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.

European ADR decliners included Abengoa ( ABGB ) -4.5%, CSR Plc (CSR) -3.4% and Bank of Ireland ( IRE ) -2.4%.

Advancers included Voxeljet Ag ( VJET ) +8.3%, Promotora de Informaciones Sa (PRIS) +7% and Qiwi Plc (QIWI) +4.3%.