ADR Report-ADRs fall amid worries about the US economy
NEW YORK, July 31 |
NEW YORK, July 31 (Reuters) -Overseas shares traded in the United States fell on Thursday, as U.S. data fed concerns about the health of the world's largest economy.
Energy shares fell with oil prices, which declined on worry U.S. economic weakness could cut into demand for oil.
U.S. gross domestic product grew at a 1.9 percent annual rate, up from a revised 0.9 percent rate in the first quarter that previously was reported as 1.0 percent, a U.S. Commerce Department report on Thursday showed.
That followed a 0.2 percent contraction in GDP during the final quarter of 2007 which avoided pushing the economy into back-to-back declines that would have met a popular definition of recession.
The Bank of New York Mellon's index of leading American Depositary Receipts (ADRs) .BKADR fell 1.2 percent while the 30-share Dow Jones industrial average .DJI fell 1.0 percent.
The Bank of New York Mellon's index of leading Asian ADRs .BKAS dropped 1.2 percent. Most Asian stock markets rose on Thursday.
China Petroleum (SNP.N) (600028.SS) fell 1.5 percent to $105.96.
The Bank of New York Mellon's index of leading European ADRs .BKEUR was down 1.1 percent. In Europe, shares ended little changed.
Anglo-Dutch food and consumer goods group Unilever Plc/NV (ULVR.L) (UNc.AS) posted a rise in second-quarter underlying sales on Thursday, but the gain came from price rises and with volumes largely flat. ADRs of Unilever (UL.N) fell 9.1 percent to $27.37.
ADRs of Italian oil and gas major Eni SpA (E.N) (ENI.MI) fell 3.1 percent to $67.67 after the company posted second-quarter profits below analysts' forecasts.
Receipts with the Bank of New York Mellon's index of leading Latin American ADRs .BKLA fell 1.1 percent. In Latin America, major benchmarks were lower.
Brazil's Petroleo Brasil (Petrobras) (PBR.N) ADRs fell 1.7 percent to $33.60.
Chilean LAN Airlines ADRs (LFL.N) LAN.SN rose 2.4 percent to $11.75 after UBS raised its rating on the ADRs to "neutral" from "sell." (Reporting by Kristina Cooke)
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