LONDON -- European equity markets are climbing higher Wednesday, boosted after the German constitutional court ruled that the country can ratify the European Stability Mechanism under certain conditions. This has spurred hopes that the economic bloc may finally be able to get control over the sovereign-debt crisis and liquidity problems that have been plaguing its member states and, indirectly, the rest of the world. Futures trading has U.S. markets set to follow suit when Wall Street opens, with the S&P 500
Even with these gains, however, there are still some individual names seeing even greater fortunes. Here are three American depositary receipts that are set to beat the S&P today.
The Finnish phone maker is continuing to build on gains following the launch of its new smartphone, up 4.5% even as rival firm Apple is set to launch its updated iPhone today. Nokia also announced today that it would offer a slimmed-down version of the Windows 8 operating system, which was a primary selling point of its latest Lumia handsets, on older versions of the smartphone.
Lloyds Banking Group
Lloyds is up almost 4% in London Wednesday, with U.K. banks seeing a strong influx of demand following the decision by the German constitutional court. Just yesterday ratings agency Moody's said it is maintaining its negative outlook on U.K. banks because of the recession and the potential for further loan writedowns.
The Dutch financial is up 3.4% today, bouncing back from concerns yesterday that no matter who wins in the parliamentary election today, banks in the country will be in for a hard time. This came as the judgment by the German constitutional court offered a strong boost to banking and insurance stocks today. ING also announced that its U.S. chief operating officer, Robert Leary, has left the firm as the lender seeks to separate itself from its North American businesses.
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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