European ADRs Leading The Charge Higher (ALU, MT, BHP, STD, IRE, CS, UBS, DB, FTE, PHG, ERIC, NOK, NBG, SI, TI, EWI, EWQ, EWG)
Greece and the rest of the PIIGS were hurting us for so long that it seems hard to believe that the Europeans are setting a 50% haircut for the Greek sovereign debt and that they have agreed to a $1.4 trillion…
Alcatel-Lucent (NYSE: ALU) is up over 2.5% at $2.80 and shares are up 5.1% in local trading in Paris.
Arcelor Mittal (NYSE: MT) is up almost 7% at $20.95 and BHP Billiton Ltd. (NYSE: BHP) is up 5.1% at $82.07.
Banco Santander, S.A. (NYSE: STD) is up 5.6% at $8.87 and the stock was up 6.1% in local trading in Madrid.
The Bank of Ireland (NYSE: IRE) is up 6.2% at $6.17 and shares are up 7% in local trading in Dublin.
Credit Suisse Group (NYSE: CS) is flying with shares up 9.6% at $30.67 and UBS AG (NYSE: UBS) is up 7.8% at $13.65.
Deutsche Bank AG (NYSE: DB) is up a whopping 14% at $46.00 and shares are up 15% in Frankfurt.
France Telecom (NYSE: FTE) is up 1.5% at $18.58 in New York and shares are up 1.5% in Paris as well.
Koninklijke Philips Electronics NV (NYSE: PHG) is up about 6% at $22.23.
LM Ericsson Telephone Co. (NASDAQ: ERIC) is up 5.6% at $10.83; Nokia Corporation (NYSE: NOK) is up 5.3% at $7.13.
National Bank of Greece SA (NYSE: NBG) is up 15.6% at $0.545 in New York but shares are up 12.2% in local trading in Athens.
Siemens AG (NYSE: SI) is up 3.1% at $108.58 in New York and shares are up 3% in local trading in Frankfurt.
Telecom Italia SpA (NYSE: TI) has not yet traded in New York but shares have a pre-trade indication of $13.20 versus a $12.73 close in New York; shares are up 4% in local trading in Milan.
iShares MSCI Italy Index (NYSE: EWI) is up 1.8% at $14.05. iShares MSCI France Index (NYSE: EWQ) is up 4.4% at $22.45 and iShares MSCI Germany Index (NYSE: EWG) is up 4.4% at $22.12.
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.