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European ADRs Gain on Earnings, Continental Banks, Telecoms Gain [Emirates News Agency (WAM) (United Arab Emirates)]
[October 29, 2014]

European ADRs Gain on Earnings, Continental Banks, Telecoms Gain [Emirates News Agency (WAM) (United Arab Emirates)]


(Emirates News Agency (WAM) (United Arab Emirates) Via Acquire Media NewsEdge) European ADRs as a group gained 0.66% to 141.64 on Tuesday morning, according to data published by the Bank of New York Mellon Europe ADR Index.

Banks were among gainers with UBS (HBS) rising over 5.5% as net income rose in Q3. Its peer Credit Suisse ( CS ) rose 1.1% while other European banks, including Banco Santander ( SAN ), Banco Bilbao Vizcaya ( BBVA ) and ING Groep ( ING ) rose 1.4%, 1.5% and 2.0%, respectively.



Bucking the trend were U.K. banks Barclays ( BCS ), down 0.2% and Lloyds Banking Group (LYG), off by 1.4%. Lloyds set aside an additional $1.5 billion in provisions for mis-sold payment protection insurance and said it plans to cut 9,000 jobs in an effort to save 1 billion pounds per year by the end of 2017. Royal Bank of Scotland (RBS) also fell, by 0.5%.

Continental Europe gainers included network infrastructure operators Nokia (NOK), higher 0.1% and telecommunications providers Telefonica (TEF), up 2.9% and Portugal Telecom (PT), higher 4.6%.


Among pharmaceutical companies, Novartis (NVS) rose 2.3% after reporting Q3 sales and earnings that topped analysts' estimates. Its U.K. and Ireland-based peers Shire (SHPG) and AstraZeneca (AZN) also rose, by 1.0% and 1.0%, respectively.

But, Sanofi (SNY) couldn't keep up. It dropped nearly 10% as it warned that a challenging U.S. diabetes pricing environment will impact diabetes sales throughout 2015. Novo Nordisk (NVO), which also sells diabetes drugs in the U.S., fell 5.0%.

(c) 2014 Emirates News Agency (WAM) Provided by SyndiGate Media Inc. (Syndigate.info).

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