3 Stocks Set to Beat the S&P Today
LONDON -- European equity markets are set to end the week on a positive note, with benchmark indexes up about 0.5% as traders on both sides of the pond eagerly await Fed Chairman Ben Bernanke's speech to the collection of central bankers at Jackson Hole, Wyo. The notable exception of European Central Bank's Mario Draghi has many assuming that something important is going on and hoping the ECB will make an announcement of its intentions to stop the credit crisis and improve liquidity when it meets next week. Early premarket trade shows U.S. stocks following a similar pattern to their European counterparts, with futures trading showing the S&P 500 (INDEX: ^GSPC) up 0.4%.
Even with these gains, there are some individual names that are seeing an even better performance. Here are three American depositary receipts that are set to beat the S&P today.
Bank of Ireland (NYS: IRE)
The Bank of Ireland is up more than 3.5% today, boosted by the broader risk-on attitude sweeping the continent and buoyed after the Irish Central Bank's Chief Economist Lars Frisell reiterated the country's commitment to austerity. Frisell said there was "no way around" consolidating the nation's budget if Ireland wants to recover from the fiscal crisis, saying although the country is seeing strong exports supporting growth, a recovery in consumer confidence may be able to "get [Ireland] out of this."
ArcelorMittal (NYS: MT)
The steelmaking giant is up almost 3% today as the company said it continues its labor discussions with the United Steelworkers ahead of schedule. The two parties are discussing the terms of a contract to replace one that is expiring on Sept. 1, and despite the company's insistence that these discussions are going well, a spokesman for Arcelor said they have begun to undertake "asset preservation" steps such as taking blast furnaces off line in case of a work stoppage.
Deutsche Bank (NYS: DB)
DB is up 2.7% Friday, again benefiting from some risk appetite in financials amid hopes the ECB will soon announce plans to stimulate and support European countries. In addition, Ben Bernanke's speech itself may offer European financial majors some hopes to benefit from a wider global recovery effort, with particular attention watching to see how the U.S. central bank will act. Today Deutsche Bank successfully raised 750 million euros in a bond issuance, with a 10-year note holding a coupon of just 1.375%.
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The article 3 Stocks Set to Beat the S&P Today originally appeared on Fool.com.Karl Loomes does not own any share mentioned in this article. The Motley Fool owns shares of ArcelorMittal. The Motley Fool has a disclosure policy.We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. Try any of our Foolish newsletter services free for 30 days.