Take a look at Germany’s Commerzbank and Barclays of the UK. Both of their U.S. ADRs are up around 10 percent today. Optimism over a Marshall Plan for Greece is helping the European banks and the Euro today. The markets are once again offside and not long enough equity and risk. More optimism [on a European and U.S. debt deal] could send the risk markets “to the moon, Alice!”
(click here if charts are not observable)
Global Macro Monitor 
Is there a reason you’re looking at the American Depository Recepits instead of the stock prices in home markets?
When there are major news events or market changes, its pertinent to look at home market listings because ADRs and home lisitings can deviate (whether for good reasons such as exchange rates being built in, or for non-efficient reasons like short-tun price parity disturbances based on many things- e.g. based on expectations of market performance of the relative markets or sometimes just a case of slightly better information access in the home market.
Commerzbank especially- you’re using the quote from pinksheets where the volume is only 3,602- It may be better to be quoting the shares on the home market where price discovery is much more reliable with a volume over 122 Million?
This is what happens:
open on the 20th to the open (920am) on the 21st (what your charts depict):
Commerzbank on pinksheets: +10.9% (close to your “around 10%- maybe you used the final price in the denominator?)
Commerzbank on home stock exchange: +6.5%
P.S.- But I realize I’m being annoying and nitpicking, your news is still relevant and I enjoy your blog- keep up the fantastic work!
Neil, Thanks for the post. You are correct. The ADRs includes the exchange rate effect and the home country stock quote is a more pure reflection.