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Rio Tinto Leads Moderate European ADR Declines

Depository receipts of European stocks contracted slightly during Wednesday's morning trading session, dragged down by declines in mining companies and a decline in global oil prices .

The Bank of New York Mellon Europe ADR Index opened modestly positive but was down 0.10% to 149.07 before midday.

Global oil prices hit fresh nine-month lows on Wednesday in spite of speculation that tensions in Ukraine could spark an increase in prices. The Intercontinental Exchange's reading for Brent Crude futures contract for September was $103.22 near 10:30 a.m. ET.

Financial institutions led the gainers, with National Bank of Greece ( NBG ) expanding 2.56% and Dutch multinational banking and financial services group, ING Groep ( ING ) up 1.52%.

Telecommunications companies Portugal Telecom ( PT ) and Vodaphone Group ( VOD ) also saw gains, lifting 2.13% and 0.95%, respectively, while medical device producer Edap ( EDAP ) rose 0.95%.

Metal mining company Rio Tinto (RIO) led the decliners during the morning session, falling 3.50% and oil and gas producer Royal Dutch Shell-A-Shares (RDS.A) contracted by 1.01%.

Media provider Pearson (PSO) also slid 2.56% and telecommunications company Alcatel Lucent (ALU) was down by 2.15%.

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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