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European ADRs Head South as Telecommunication Stocks Edge Lower

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American depository receipts of European stocks were 0.4% lower at 125.16 on the Bank of New York Mellon Europe ADR Index on Friday morning.

Decliners in Continental Europe were led by Telefonica ( TEF ), a Spanish telecommunications group, 3.0% lower, followed by Koninklijke Philips Electronics - New York Shares ( PHG ), a Dutch diversified technology company, down by 1.7% and Nokia ( NOK ), a technology investor, 1.6% lower.

In the UK, GW Pharmaceuticals ( GWPH ), a biopharmaceutical company, contracted by 1.9%, followed by BT Group ( BT ), a communications services company, down by 1.7% and ARM (ARMH), a microchip manufacturer, trading 1.2% lower.

Gainers in Continental Europe were led by Nabriva Therapeutics (NBRV), an Austria-based clinical-stage biopharmaceutical company, 6.2% higher, followed by Forward Pharma (FWP), a Danish biopharmaceutical company, up by 3.1% and ArcelorMittal (MT), a Luxembourg steelmaker, trading 2.7% higher.

And, in the UK, Carnival (CUK), a cruise vacation company, gained 3.7%, followed by Smith & Nephew (SNN), a medical devices business, up by 2.8% and Trinity Biotech (TRIB), a manufacturer of medical diagnostic productstrading 1.9% 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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