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European ADRs Edge Lower as Financials See Mixed Fortunes

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American depository receipts of European stocks were 0.4% lower at 124.67 on the Bank of New York Mellon Europe ADR Index on Tuesday morning.

Decliners in Continental Europe were led by Unilever N.V - New York Shares ( UN ), a Dutch consumer goods company, 8.2% lower, followed by CGG ( CGG ), a manufacturer of geophysical equipment, down by 5.9% and telecommunications operator Telecom Italia - Savings (TI.A) and Telecom Italia ( TI ), 2.8% and 2.3% lower, respectively.

In the UK, high street bank HSBC ( HSBC ) was 5.6% lower after outlining plans for a share buy-back program worth up to $1 billion as it published full year results for 2016 which showed a sharp drop in pre-tax profit that missed analysts' expectations. Education company Pearson ( PSO ) and Akari Therapeutics (AKTX), a development-stage biopharmaceutical company, were down by 3.7% and 3.3%, respectively.

Gainers in Continental Europe were led by telecommunications operator Telefonaktiebolaget LM Ericsson (ERIC), 4.0% higher, followed by oil and gas production compay Eni (E), up by 3.2% and Marine Harvest (MHG), a Norwegian seafood company, also 3.2% higher. Sequans Communications (SQNS), a French developer of chipset solutions, was 2.9% higher.

And, in the UK, Royal Bank of Scotland (RBS) was 5.1% higher, followed by Adaptimmune Therapeutics (ADAP), a clinical-stage biopharmaceutical company, 2.9% higher and CRH (CRH), a building materials company, up by 2.3%. Oil and gas production company BP (BP) was 1.8% higher.

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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