European markets rise on positive news from the EU summit.
Equity markets have finally received a shot of confidence today after the EU summit resulted in an easing of the conditions surrounding the Spanish bank bailout, and agreed on rules to help reduce Italy's borrowing costs. US indices are looking likely to follow their European counterparts at the open, with early pre-market trade showing the S&P 500 (INDEX: ^GSPC) set to gain 1.25%.
Even with these gains, there are some individual names that are outperforming. Here are three ADRs that are set to beat the S&P today.
National Bank of Greece
The National Bank of Greece (NYSE: NBG.US) has been shooting over 10% higher in European trade this morning, not only benefiting from the broad risk-on attitude in the markets following the EU conference, but helped further after another Greek name, Alpha Bank, said today that they have seen a return of deposits to Greek banks in the last few days.
In addition, news that the Basel committee have agreed to change previously drafted rules surrounding the liquidity requirements of EU banks, which many deemed too severe, has been giving the company additional strength.
The South African steelmaker ArcelorMittal (NYSE: MT.US) is seeing steady gains coming through in Europe today, predominantly helped by the broader climb in commodity prices and the knock-on effect of returning confidence to the industrial majors.
This move also comes despite workers in the company's Kazakh site holding a strike today, as they seek a 30% wage increase compared to the 10% already on offer.
Bank of Ireland
Another bank set to benefit from the EU summit's decision to be lenient in their rules surrounding the Spanish bank bailout, the Bank of Ireland (NYSE: IRE.US) has seen very strong performance this morning, climbing almost 7%.
The bank was helped after Irish Deputy Prime Minister Eamon Gilmore, said the agreement to improve the rules for Spain, increases Ireland's chances of returning to the market next year; the country hoping to benefit retrospectively from the move. Mr Gilmore said he expects the deal to lower Ireland's debt level and help it recover much faster than expected.
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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> Karl does not own any share mentioned in this article.