Markets

European ADRs Slip on US Air Strikes, Resumption of Fighting in Gaza; Banks Buck The Trend

European ADRs as a group contracted 1.55% to 147.54 on Friday morning, according to data published by the Bank of New York Melon Europe ADR Index.

As a cease-fire ended in Gaza and the U.S. conducted air strikes in Iraq, European markets were sharply lower with ECB President Mario Draghi's recent comments that geopolitical risk is a particular threat to European markets fresh in investors' minds.

Among the ADR decliners from continental Europe were pharmaceutical giant Novartis ( NVS ), down 0.7%, technology firms ASML Holding ( ASML ), down 1.0% and Logitech International ( LOGI ), down 0.3% and Edap ( EDAP ), which is developing an ultrasound treatment of localized prostate cancer, down 4.7%.

Lead ADR decliners from the U.K. included mobile communications company Vodafone ( VOD ), slipping 1.6%, spirits seller Diageo (DEO), down 1.9%, and mining giant Rio Tinto (RIO), down 0.7%

Banks were the biggest ADR gainers, Spain's Banco Santander (SAN) and Banco Bilbao (BBVA) both rose 1.2%, Switzerland's UBS (UBS) and Credit Suisse (CS) were up 2.1% and 1.5% respectively, and the National Bank of Greece (NBG) rose 0.3%.

Also, bank ADRs from the U.K. and Ireland gained. Lloyd's Banking Group (LYG) added 0.8%, Royal Bank of Scotland (RBS) was higher 2.5% and Bank of Ireland (IRE) added 1.5%.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

In This Story

ASML EDAP NVS LOGI VOD

Other Topics

Commodities

Latest Markets Videos

    MTNewswires

    Founded in 1999, MT Newswires (formerly known as Midnight Trader) is a leading provider of original source, multi-asset class, real-time, global financial news and information to most of the largest banks, brokerage firms and professional market data, trading & research applications in North America.

    Learn More