ADR Report-ADRs flat as investors assess China CPI data
NEW YORK, March 11 |
NEW YORK, March 11 (Reuters) - Overseas shares traded in the United States were little changed on Thursday as China data showing inflation in the world's third-largest economy grew at a faster-than-expected pace weighed on world markets.
Investors worried strong loan growth and quickening inflation in China would spur Beijing to tighten monetary policy sooner than expected. Some viewed the data as signaling an end to easy money that has been the main driver behind stock market rallies.
The inflation jump in China in February to a 16-month high and a raft of economic data indicated broad-based strength in China's economy. For details, see [ID:nTOE6290B5]
The Bank of New York Mellon index of leading American Depositary Receipts (ADRs) .BKADR was down 0.1 percent. The U.S. benchmark S&P 500 index .SPX also fell 0.1 percent.
The Bank of New York Mellon index of leading Asian ADRs .BKAS was down 0.2 percent with Shanghai stocks .SSEC falling as much as 0.8 percent before ending slightly firmer.
U.S.-listed shares of China Life Insurance (LFC.N) fell 1.6 percent to $69.95, while China Petroleum & Chemical Corp (SNP.N) shed 0.9 percent to $79.15.
The Bank of New York Mellon index of leading European ADRs .BKEUR was flat. European shares ended lower on Thursday after posting a seven-week high in the previous session.
New York-traded shares of HSBC Holdings PLC (HBC.N) fell 0.6 percent to $52.43 and BHP Billiton (BBL.N) dipped 0.9 percent to $66.40.
Receipts with the Bank of New York Mellon index of leading Latin American ADRs .BKLA was down 0.2 percent.
America Movil (AMX.N) was down 0.7 percent to $47.46 and Brazil's Vale (VALE.N) dipped 1.1 percent to $30.07. (Editing by Padraic Cassidy)
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