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Europe ADRs Slip; China Unlikely to Stimulate Economy Weighs on Markets

European ADRs as a group contracted 0.17% to 152.16 on Monday morning, according to data published by the Bank of New York Mellon Europe ADR Index.

The ADRs were in line with overall markets that were muted across the board following a strong week as the dust settled on Alibaba's ( BABA ) record-breaking initial public offering and as China signaled it won't take major steps to boost economic growth.

Continental Europe's most active declining ADRS included banks, with Dutch ING Groep ( ING ) shedding 1.4%, National Bank of Greece ( NBG ) lower 2.4% and UBS ( UBS ) down by 1.2%.

Other decliners included big names such as steel producer ArcelorMittal ( MT ), STMicroelectronics (STM) and Philips Electronics (PHG), down 1.8%, 3.0% and 0.9%, respectively.

Among U.K.-based ADRs, mining companies Rio TInto (RIO) and BHP Billiton (BBL) fell 2.5% and 2.4%. Oil companies were also weaker, with BP (BP) down 0.6% and Royal Dutch Shell (RDS.A) down 0.4%.

Gainers were only marginally higher, with network infrastructure firm Ericsson (ERIC) up 0.2%, electrical engineering firm ABB (ABB) up 0.3% and SAP (SAP) higher 0.7%. GlaxoSmithKline (GSK) rose 0.4% while Astrazeneca (AZN) added 0.2%.

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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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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