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GlaxoSmithKline Declines on Corruption Investigation as European ADRs Drop on Lower German Confidence Data

GlaxoSmithKline Plc ( GSK ) slumped on fresh corruption charges as American depositary receipts of European companies declined. European markets posted losses after German confidence data slipped.

The Ifo Institute business-climate survey fell a third straight month to 108.0 in July, missing the estimate of 109.4.

European ADRS fell 0.6% on average to a week low, as measured by the Bank of New York Mellon Europe ADR Index, compared with a 0.5% loss for the S&P 500 Stock Index. European ADR decliners led advancers 60 to 42.

GlaxoSmithKline fell 3.6% to $48.29 per ADR after the U.K. drugmaker said it is investigating allegations of corruption involving bribes, according to a news report.

Statoil ASA ( STO ) slid 3.3% to $29.49 per ADR after the Norwegian energy producer missed Q2 earnings because of lower gas prices and declining output.

Royal Bank of Scotland surged 11% to $12.39 per ADR, the highest in seven months, after preliminary Q2 results showed an eightfold jump in operating profit from a year earlier.

Vodafone Group Plc ( VOD ) gained 2.2% to $34.23 per ADR after saying some European markets were showing signs of stability while revenue growth slowed.

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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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