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European ADRs Retreat as Banking Stocks Slump

American depository receipts of European stocks were trading in negative territory, down 0.9% at 124.85 on the Bank of New York Mellon Europe ADR Index on Thursday morning.

Decliners in Continental Europe were led by Spanish bank Banco Santander ( SAN ), 1.9% lower, followed by consumer goods company Unilever ( UN ), 1.5% lower, and oil and gas production company Statoil ( STO ), which contracted by 1.4%.

In the UK, high street bank HSBC ( HSBC ) fell by 2.1% while mobile-phone operator Vodafone ( VOD ) slid by 1.9% and media and education company Pearson (PSO) was 1.6% lower.

Gainers in Continental Europe were led by specialty pharmaceutical company Innocoll (INNL), 3.5% higher, followed by Edap (EDAP), a medical device designer, Marine Harvest (MHG), a Norwegian seafood company, and RELX NV (RENX), a Dutch information solutions company, up by 1.2%, 0.8% and 0.6%, respectively.

And, in the UK, gold mining company Randgold Resources (GOLD) advanced by 3.6% while high street bank Lloyds Banking Group (LYG) jumped by 1.6% and tobacco company British American Tobacco (BTI) rose by 0.7%.

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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