Markets

European ADRs Show Broad Declines After Region's Markets Pressured by

American depositary receipts of European companies declined as the region's markets retreated on corporate profit warnings.

Deutsche Lufthansa, an airline that doesn't have ADRs in the U.S., slumped 14% in Germany after reducing income forecasts. Steel-pipe maker Vallourec fell 11% after cutting guidance.

The World Bank also cut its forecast for global economic growth.

The Bank of New York Mellon Europe ADR Index fell 0.6% to bring its year-to-date gain to 3.7%. Decliners led advancers 74 to 30. The S&P 500 Stock Index fell 0.4%.

Europe's ADR decliners included Agengoa SA ( ABGB ) -3.3%, Bank of Ireland ( IRE ) -3% and Orange ( ORAN ) -3%.

Amarin Corp. ( AMRN ) gained 2% to $1.53 per ADR after analysis showed positive results for its cholesterol-lowering drug.

Randgold Resources Ltd. ( GOLD ) gained 1.7% to $75.32 as gold prices rose for a third day.

Europe's advancers included Natuzzi Spa (NTZ) +1.6%, Criteo Sa (CRTO) +1.6% and Coca-Cola HBC Ag (CCH) +1.3%.

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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