LONDON -- European equity markets are starting the week on the back foot Monday. There are worries that harmony between the bloc's leading nations on the course for recovery may not be as secure as it was hoped after German Chancellor Angela Merkel and French President Francois Hollande disagreed over the timeline of introducing joint oversight of the region's banking sector. Futures trading has U.S. markets set to follow their European counterparts from the outset, with the S&P 500 (SNPINDEX:^SPX) set to open 0.5% lower.
Despite this broad weakness, there are, as always, some individual stocks that are seeing an even worse performance. Here are three ADRs the S&P should beat today.
The steelmaking giant is down 2.6% today, with uncertainty in Europe and worries of stalling global economic growth hitting the company's prospects. This comes despite news today that the company has secured a supply agreement with Dannemora for the delivery of 26,000 iron ore products to Arcelor's Bremen steel plant in the fourth quarter. The company said this signals the start of a long-term contractual relationship between the parties.
The Spanish bank is down more than 2% today amid concerns surrounding Europe and worries that infighting and disagreements may lead to even more uncertainty for the country's banking bailout, hitting financial majors across the continent. Just days ago, however, BBVA chairman Francisco Gonzalez said he thinks Spain will not need a full bailout, but rather it is more likely to seek a line of credit.
ASML Holding (NASDAQ:ASML)
The semiconductor manufacturer is down 1.7% today, feeling pressure in line with other tech-sector stocks as today's uncertainty leads a flow of cash away from high-beta stocks and into perceived safe havens. Last week JPMorgan began coverage of the company, rating it "overweight" with a price target of $57.50, noting in the report that ASML is expected to surpass the performance of its European peers.
As usual, this morning's European trading saw some stocks lose ground -- and perhaps provide some European buying opportunities. Indeed, legendary investor Warren Buffett has recently spent more than $1 billion buying a European large-cap stock that's currently trading well below its 2012 high.
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