European ADRs Trading Lower

American depository receipts of European stocks were 0.8% lower at 132.43 on the Bank of New York Mellon Europe ADR Index on Thursday morning. Decliners in Continental Europe were led by Spanish telecommunication company Telefonica (TEF), 4.3% lower after reporting first-quarter earnings, which showed an overall increase in revenue despite sales contractions in its Spanish, German and UK businesses during the three-month period. Criteo (CRTO), a French technology company, was down by 3.6% and Sanofi (SNY), a health care company, 3.1% lower. Trivago (TRVG), which operates an online hotel search platform, was 2.7% lower.

In the UK, Midatech Pharma (MTP), an early-stage biopharmaceutical company, was 4.0% lower, followed by BT Group (BT), a communications services company, down by 3.2% after unveiling plans to cut thousands of roles as it posted a decline in its pre-tax profit for the 2017 fiscal year. Motif Bio (MTFB), a clinical-stage biopharmaceutical company, was 2.5% lower and Pearson (PSO),an education company, was 2.1% lower.