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European ADRs Log Modest Gains as Eurozone Economy Remains Buoyant

American depository receipts of European stocks were trading 0.3% higher at 126.90 on the Bank of New York Mellon Europe ADR Index on Wednesday morning.

This came after fresh data indicated a steady rate of expansion of the eurozone economy. The Markit Eurozone Purchasing Managers' Index slipped from 54.3 in August to 53.9 in September, pushing the Q3 average to the highest seen since Q2 of 2011.

Gainers in Continental Europe were led by Spanish energy firm Abengoa ( ABGB ), up by 22.7%, followed by technology investor Nokia ( NOK ), 2.5% higher and Alcatel-Lucent ( ALU ), a provider of cloud networking and ultra-broadband access, which advanced by 2.3%.

In the UK, cruise company Carnival ( CUK ) edged up by 2.7% while low-cost airline Ryanair ( RYAAY ) jumped 2.2% and high street bank HSBC (HSBC) expanded by 1.1%.

Decliners in Continental Europe were led by National Bank of Greece (NBG), 4.6% lower, followed by Syngenta (SYT), an agribusiness operating in the crop protection market, down by 2.6% and Dutch technology company ASML - New York Shares (ASML), 2.4% lower.

And, in the UK, medical diagnostic products manufacturer Trinity Biotech (TRIB) retreated by 1.9% while Amec Foster Wheeler (AMFW), a consultancy company, edged 1.6% lower and biopharmaceutical company Amarin (AMRN) slid by 0.9%.

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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