Markets

European ADRs Flip-flopping Between Gains and Losses as Industrial Production Rises in Eurozone

American depository receipts of European stocks were trading 0.1% lower at 124.42 on the Bank of New York Mellon Europe ADR Index on Monday morning.

In macro-economic news, industrial production rose marginally across the eurozone, according to Eurostat, the statistics office of the European Union. Seasonally adjusted industrial production rose by 0.6% in October 2015 compared to the preceding month. Compared to the corresponding month of the previous year, industrial production increased by 1.9%.

Decliners in Continental Europe were led by ArcelorMittal ( MT ), a Luxembourg steelmaker, 4.1% lower, followed by Syngenta ( SYT ), a Swiss agribusiness, down by 3.8% and Aixtron ( AIXG ), a German provider of deposition equipment to the semiconductor and compound-semiconductor industry, 3.3% lower.

In the UK, BHP Billiton ( BBL ), a mining company, was 3.0% lower, followed by GW Pharmaceuticals ( GWPH ), a biopharmaceutical company, down by 2.1% and Royal Dutch Shell - A Shares (RDS.A), an oil and gas company, trading 1.9% lower.

Gainers in Continental Europe were led by Edap (EDAP), a French medical devices developer, 6.3% higher, followed by telecommunication companies Telecom Italia (TI) and Orange (ORAN), trading 1.5% and 1.2% higher, respectively.

And, in the UK, hotel company InterContinental Hotels (IHG) gained 1.1%, followed by Amarin (AMRN), a biopharmaceutical company, up by the same amount, and tobacco company British American Tobacco (BTI), 0.8% 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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