LONDON -- European stock markets are managing to squeeze out some gains Tuesday as speculation surrounding Fed Chairman Ben Bernanke’s semi-annual address to Congress later today suggests he will announce further stimulus measures following a month of rather downbeat economic news. Early premarket trade has the U.S. markets following suit, with the S&P 500
Even with this broader optimism, some individual names are outperforming. Here are three American depositary receipts that are set to beat the S&P today.
The U.K. bank at the head of the LIBOR scandal is trading 2.5% higher in London following testimony by former CFO Jerry Del-Messier to the Treasury Select Committee yesterday, where he suggested that he did believe he had received instructions from the Bank of England to lower LIBOR submissions.
This comes amid a wave of stories surrounding the ongoing scandal, with news that the Financial Services Authority has seven lenders under investigations for attempting to manipulate LIBOR, including state-backed Royal Bank of Scotland
The French utility is seeing a second day of gains this morning, up 1.3% as confidence surrounding the potential sale of its U.S. waste management unit grows. Highstar Capital, Madison Dearborn Partners, and Estre Ambiental are said to be the three remaining bidders in the final stages of discussions. The deal is expected to be announced in the next two weeks and could be worth $1.5 billion to $2 billion.
The steelmaker is trading around 1.1% higher in Paris today after a report said that ministers from France, Belgium, and Luxembourg would be meeting in September to examine possible ways in which local Arcelor sites in their respective countries can be kept open.
This comes just days after a report by Eurofer suggested that the European steel industry would not recover until 2013 due to lack of demand on the continent. It also follows news on the weekend that Arcelor will be appealing a South African court ruling that would require it to invest 241 million rand in the Kalagadi Manganese project.
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. If you want to know why Mr. Buffett has bought into Europe, this special Motley Fool report -- "The One European Share Warren Buffett Loves" -- reveals everything, including the price he paid. You can download the report today for free. But hurry -- the report is available for a limited time only.
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Karl Loomes does not own any share mentioned in this article. The Motley Fool owns shares of ArcelorMittal. Motley Fool newsletter services have recommended buying shares of Veolia Environnement. The Motley Fool has a disclosure policy.We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. Try any of our Foolish newsletter services free for 30 days.