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European ADRs Trade Lower as Miners Lose Ground

American depository receipts of European stocks took a turn for the worse on Tuesday morning, sliding 2.8% lower to 129.09 on the Bank of New York Mellon Europe ADR Index.

The fall was in line with a broad market sell-off triggered by disappointing manufacturing data for China earlier in the day. Commodity and financial stocks fared worst with gains in pharmaceutical companies only partially offsetting the losses on the index.

In Continental Europe, steel production company ArcelorMittal ( MT ) fell by 4.2% while oil and gas stock Statoil ( STO ) was 4.1% lower and financial services providers Banco Bilbao Vizcaya Argentaria ( BBVA ) and ING Groep ( ING ) slid by 3.7% and 3.5%, respectively.

In the UK, miners BHP Billiton ( BHP ), Rio Tinto (RIO) and Randgold Resources (GOLD), edged down by 8.1%, 5.7% and 0.6%, respectively, while oil production company Royal Dutch Shell - A Shares (RDS.A) fell by 4.2%. Royal Bank of Scotland (RBS) and high street bank HSBC (HSBC) tumbled by 3.5% and 4.0%, respectively.

Gainers in Continental Europe included semiconductor company Sequans Communications (SQNS) and pharmaceutical stock Ascendis Pharma (ASND), both up by 0.9%.

And, in the UK, pharmaceutical company Adaptimmune Therapeutics (ADAP) and consultancy, engineering and project management company Amec Foster Wheeler (AMFW) were 1.7% and 0.2% higher, respectively.

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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