European ADRs Edge Higher as Banking Gains Offset Contractions from Miners, Telecom Stocks
American depository receipts of European stocks were 0.9% higher at 123.68 on the Bank of New York Mellon Europe ADR Index on Wednesday morning.
Gainers in Continental Europe were led by Swiss computer accessories and electrical devices manufacturer Logitech ( LOGI ), 15.2% higher the morning after it significantly raised its full-year forecasts for retail sales and operating profit after posting its highest ever retail sales for the third quarter supported by rising demand for gaming products. Financial services and banks Credit Suisse ( CS ), Banco Santander and Banco Bilbao Vizcaya Argentaria ( BBVA ), were 3.5%, 3.5% and 3.1% higher, respectively.
In the UK, Royal Bank of Scotland ( RBS ) and Lloyds Banking Group ( LYG ) were 4.3% and 2.2% higher, respectively, while CRH (CRH), a building materials company, was up by 2.4% and Aviva (AV), a provider of insurance, savings and fund management products and services, was 1.9% higher.
Decliners in Continental Europe were led by Talend (TLND), a provider of open source integration solutions, down by 2.5% and Marine Harvest (MHG), a Norwegian seafood company, down by 2.3%. Telecommunication company Telecom Italia - Savings (TI.A) was 1.5% lower.
And, in the UK, telecommunication company Vodafone Group (VOD) was 3.0% lower, followed by Motif Bio Plc - Warrant (MTFBW), a clinical-stage biopharmaceutical company, down by 2.2% and miners Randgold Resources (GOLD) and Rio Tinto (RIO), 1.7% and 1.0% lower, respectively.
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