European ADRs In Broad Retreat as Germany Business Confidence DeclinesDaniel McCarthy (Author) Published Date : May 31, 2014 19:30 IST
American depositary receipts of European companies showed broad declines Friday after German business confidence slipped. The Bank of New York Mellon Europe ADR Index slipped 0.2%, compared with a 0.3% gain for the S&P 500 Stock Index. Germany's Ifo business climate index, which is based on a survey of company managers, fell to 110.4 in May from 111.2 in the prior month. Analysts polled by Reuters estimated a reading of 110.9. Orange SA (ORAN), France's biggest telephone company, slipped 2.3% to $16.29 after being downgraded to a hold rating from buy at Societe Generale. Europe's decliners included Marine Harvest ASA (MHG) -6.5%, Flamel Technologies SA (FLML) -4.3%, Qiwi Plc (QIWI) -2.9% and James Hardie Industries Plc (JHX) -2.6%. Barclays Plc (BCS) gained 0.8% to $16.58 per ADR after U.K. financial authorities said the bank will face lower fines after agreeing to settle charges of manipulating gold prices in 2012. Gainers included Vimpelcom Ltd. (VIP) +3.7%, National Bank of Greece (NBG) +3.5% and Promotora De Informaciones SA (PRIS) +2.4%.
European ADRs In Broad Retreat as Germany Business Confidence Declines