10 European ADRs Leading Sell-Off (MT, BHP, DB, FTE, PHG, ERIC, NOK, NBG, SI, TI, UBS)
Today’s selling is actually based on weak Chinese manufacturing data rather than any direct E.U. woes. We have focused on mostly European ADRs this morning for the big movers and shakers, or movers and quakers, because they are still trading…
Arcelor Mittal (NYSE: MT) -6% at $15.48… Shares down 6.8% in local markets.
BHP Billiton Ltd. (NYSE: BHP) -5.2% at $68.23… Shares down 7% in U.K. (although Australia based).
Deutsche Bank AG (NYSE: DB) -2.8% at $30.38… Shares down 5.6% in local markets.
France Telecom (NYSE: FTE) -4% at $15.28… Shares down 4.4% in local markets.
Koninklijke Philips Electronics NV (NYSE: PHG) -4.3% at $16.85.
LM Ericsson Telephone Co. (NASDAQ: ERIC) -4% at $9.68 and Nokia Corporation (NYSE: NOK) -4.5% at $5.32.
National Bank of Greece SA (NYSE: NBG) -6.45% at $0.87.
Siemens AG (NYSE: SI) -3.4% at $88.90… Shares down 4.7% in local markets.
Telecom Italia SpA (NYSE: TI) -4.7% at $10.01… … Shares down 5% in local markets.
UBS AG (NYSE: UBS) -2.5% at $10.70… Shares down 5.6% in local markets.
iShares FTSE China 25 Index Fund (NYSE: FXI) is the ETF which tracks China, where the negative manufacturing news acted as the blood-letting instrument today. The ETF is indicated down 3.8% at $32.38.
JON C. OGG
Contact [email protected] for any questions or corrections.
Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.