LONDON -- European equity markets are set to end the week on a flat to mildly negative note Friday after lackluster performance in Asian stocks overnight. The second revision of U.K. GDP data showed the slowdown was not as bad as previously thought; the economy falling 0.5% instead of the previous 0.7%; but this did little to offer support in the market. Meanwhile, attention is turning to meetings between the Greek prime minister and German Chancellor Merkel today, followed by a meeting with French President Hollande tomorrow, where the progress and hopes for Greece's restructuring will be discussed. Futures trading shows U.S. stocks little changed, with the S&P 500
Within these weaker markets, there are as always some individual names outperforming. Here are three ADRs that are set to beat the S&P today.
Bank of Ireland
The Bank of Ireland has seen a spurt of buying come through this morning, pushing its shares almost 4% higher on optimism surrounding the emerald isle's potential to tap the bond market. The yield on Ireland's benchmark 20-year bond fell below 6% for the first time since the country received a bailout in 2010. Despite this, however, there are still many concerns over the country's mortgage issues and the erosion this has on both confidence and lending. Just yesterday, the central bank said Ireland's home loans in arrears for more than 90 days rose 10.9% at the end of Q1, with a total of 16.2% either in arrears or had been restructured and were performing.
The Finnish phone maker is seeing yet another day of gains Friday, up 2% today and almost 11% on the week after news Wednesday that Verizon Wireless will be selling the company's latest handset, which will be using the Windows 8 operating system, when it is released in early September. Nokia is using the opportunity to open a door with the U.S.' largest wireless operator, currently having a stronger relationship with AT&T, the second-largest. Meanwhile, Verizon hopes it will help it diversify away from iPhones and Google
Coca-Cola Hellenic Bottling
The world's second-largest bottling company is up 2% today, rebounding as buyers take the opportunity for a bargain after its shares slid earlier this week. This came after the company reported first-half profit fell 25% and while sales volumes dropped 2% year-on-year to 1.01 billion cases. These were broadly in line with expectations, however, and the company offered investors some hope by maintaining its guidance on free cash flow and investments at 1.45 billion euros, while noting sales actually grew for the fourth consecutive quarter, albeit just 1%, to 3.43 billion euros.
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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