European ADRs Dragging Down U.S. Trading (ALU, MT, BHP, STD, IRE, CS, UBS, DB, FTE, PHG, ERIC, NOK, NBG, SI, TI)
The Eurozone growth rate of 0.2% in the third quarter may have met expectations but this is just one more example that growth is so low already that getting out of the debt hole is going to be no easy…
The Eurozone growth rate of 0.2% in the third quarter may have met expectations but this is just one more example that growth is so low already that getting out of the debt hole is going to be no easy task. As a result, we have another day of Euro-led selling and almost every major European name that has a New York ADR tied to its is trading lower.
Alcatel-Lucent (NYSE: ALU) is down another 2.5% at $1.92 and shares are down 2.6% in local trading in Paris.
Arcelor Mittal (NYSE: MT) is down 3.3% at $18.36 and BHP Billiton Ltd. (NYSE: BHP) is down 1.5% at $74.85.
Banco Santander, S.A. (NYSE: STD) is down almost 2% at $7.47 and the stock is down 2% in local trading in Madrid.
The Bank of Ireland (NYSE: IRE) is down 2.1% at $4.70 and shares are down 2.3% in local trading in Dublin.
Credit Suisse Group (NYSE: CS) is down 3.6% at $23.32 and UBS AG (NYSE: UBS) is down over 2.5% at $11.60.
Deutsche Bank AG (NYSE: DB) is down 2.2% at $37.68 and shares are down 2.6% in Frankfurt.
France Telecom (NYSE: FTE) has not traded in New York but shares are indicated under $17.00 after a $17.10 close on Monday; shares are down 1% in Paris.
Koninklijke Philips Electronics NV (NYSE: PHG) is down 3.1% at $18.86 in New York trading.
LM Ericsson Telephone Co. (NASDAQ: ERIC) is down 1.8% at $9.99; Nokia Corporation (NYSE: NOK) is indicated down almost 2% at $6.42.
National Bank of Greece SA (NYSE: NBG) is down 5.5% at $0.52 in New York but shares are down 8.5% in local trading in Athens.
Siemens AG (NYSE: SI) is down 1.2% in New York and shares are down 1.7% in local trading in Frankfurt.
Telecom Italia SpA (NYSE: TI) is down almost 3% at $11.55 in New York and shares are down almost 3.1% in local trading in Milan.
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.