ADR Report-Foreign shares mixed on J&J caution, weak USD

NEW YORK Oct 13 (Reuters) - Overseas shares traded in the United States closed slightly lower on Tuesday after Johnson & Johnson's (JNJ.N) quarterly sales missed estimates, discouraging investors about revenue growth in the current earnings season.

Third-quarter profit at J&J topped analyst forecasts but that was largely because of cost cuts and lower taxes, and shares of the consumer bellwether fell 2.4 percent. For details see [ID:nN13145046]

The U.S. dollar continued to decline against a basket of currencies, giving support to foreign shares which become more attractive as the greenback gets cheaper. The dollar index .DXY fell 0.2 percent after earlier trading at 14-month lows.

The Bank of New York Mellon index of leading American Depositary Receipts (ADRs) .BKADR edged 0.07 percent lower while the U.S. benchmark S&P 500 index .SPX fell 0.28 percent.

The Bank of New York Mellon index of leading Asian ADRs .BKAS inched up 0.07 percent. Overnight in Asia stocks rose to a 14-month high. The MSCI index of Asia Pacific shares outside Japan .MIAPJ0000PUS rose 0.4 percent in choppy trading and previously traded at its highest since early August.

POSCO ADRs (PKX.N) gained 3.3 percent to $109. Asia's big steelmakers likely saw their earnings exceed expectations in the latest quarter on unexpected strength in China's economy and POSCO, the world's No.4 steel maker, also benefited from a recovery in domestic demand led by auto manufacturers. [ID:nSP67227]

But ADRs of Seoul-based LG Display Co Ltd (LPL.N) fell 3.2 percent to $14.06 after the flat-screen maker said it sees high chances of the industry suffering a small oversupply in coming months. [ID:nSEO316334]

The BoNY index of leading European ADRs .BKEUR dipped 0.17 percent. In Europe, the FTSEurofirst 300 .FTEU3 index of top European shares fell 1 percent to 995.42 points after trading in a wide range.

Banking shares were among the top ADR losers, as well as in European local markets, after prominent U.S. banking analyst Meredith Whitney downgraded her rating on Goldman Sachs Group Inc (GS.N) to "neutral" from "buy."

ADRs of British banks Barclays plc (BCS.N) and Lloyds banking Group (LYG.N) fell more than 2 percent.

The BoNY index of leading Latin American ADRs .BKLA was unchanged, down 0.02 point. In Latin America, major benchmarks rose with Sao Paulo's Bovespa .BVSP up 0.9 percent and Mexico's IPC .MXX up 0.45 percent.

(Editing by Chizu Nomiyama)