LONDON -- European equity markets are starting the week in an upbeat fashion today, still bolstered by the better-than-expected U.S. nonfarm payroll numbers last week. Sentiment in Europe is seeing further optimism after the Greek government and its creditors said yesterday that they have agreed on the need to strengthen policy efforts to support the economy and help the country comply with bailout terms. The U.S. markets look set to open on a slightly more subdued note, with premarket trading showing the S&P 500
Even amid this optimism, there are some individual names outperforming. Here are three ADRs that are set to beat the S&P today.
ING is up almost 3% in Europe today, still benefiting from news last week that it may be selling its Canadian online bank and disposing of a smaller U.K. unit in efforts to repay aid it received from the government during the financial crisis.
This came after the company's Turkish arm agreed to a deal with the Istanbul-based textile exporters association to loan $500 million to more than 9,000 of the group's members and provide consulting services to help with the group's foreign investment and trade.
The Finnish phone maker is continuing to benefit from speculation that it may receive a bid from Lenovo Group, despite the company's denial that it is in talks with Nokia. The company made some gains last week after reporting better-than-expected sales of its Lumia handset and announcing that its CEO and several directors bought more than $1 million in stock in the last days of July, helping boost optimism that the company may be cheap and ready for an upturn. Nokia shares have been trading around 2.3% higher.
The U.K. bank is up almost 2.2% Monday after a report in The Sunday Times said yesterday that the company is working on a new pay scheme that would cut bonuses for top executives and delay payments until retirement. This specifically refers to big payouts of bonuses in shares, which could now be postponed until an employee left the company or retired.
Despite the ongoing eurozone troubles, this morning's European trading did provide some winners -- and perhaps some European buying opportunities. Indeed, legendary investor Warren Buffett has recently spent more than $1 billion buying the stock of a prominent European large cap.
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