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European ADRs In Broad Retreat as Germany Business Confidence Declines

European ADRs In Broad Retreat as Germany Business Confidence Declines

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