LONDON -- European equity markets have started the week on the back foot today as the optimism and subsequent rally following the U.S. Fed's announcement of QE3 loses impetus. This was directed from the outset by weak overnight trading in China, where concerns surrounding slowing growth and poor corporate results pressured shares. Meanwhile, in the West, the prospect of pumping yet more money into the economy has raised the very real concern that inflationary pressure may sneak up on us while we are focusing on growth. U.S. futures have Wall Street set to follow the European markets today, with the S&P 500 (SNPINDEX:^GSPC) down 0.2%.
Even on a down day, however, there are always some individual names outperforming. Here are three American depositary receipts set to beat the S&P today.
Credit Suisse (NYSE: CS)
The banking giant is up 1.6% today amid news that it will transfer even more data to U.S. authorities in an attempt to help resolve a probe into whether CS helped customers avoid paying taxes. According to an internal memo today, Banking Chief Hans-Ulrich Meister said the documents will include emails and client correspondents from June 2001 to March 2011, although client-specific data will be removed.
The consumer goods manufacturer is up 1% in London, boosted after analysts at UBS upgraded their outlook for the company's stock. UBS upgraded its recommendation from "neutral" to "buy," suggesting that Unilever's portfolio may become more focused, increasing projected growth in food sales to around 5% per annum by 2015.
The pharmaceutical giant is up almost 1% today as news emerges that the company is one of a few developing a new vaccine for a lethal form of staph infection that is killing thousands in the U.S. each year and costing as much as $8 billion. Along with Pfizer (NYSE:PFE), Glaxo is one just two major pharmaceutical companies developing these new drugs (although one small, private biotech firm is also working on it) to help combat the infection known widely as MRSA, a disease that spreads in hospitals and is resistant to current forms of medication.
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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