ADR Report-ADRs drop on U.S. data, corporate revenues
NEW YORK, July 16 |
NEW YORK, July 16 (Reuters) - U.S.-listed shares of overseas companies fell on Friday, with disappointing U.S. corporate revenues and consumer sentiment data fueling worries about the economic outlook.
The BNY Mellon index of leading American Depositary Receipts (ADRs) .BKADR was down 2.3 percent while the U.S. benchmark S&P 500 index .SPX was down 2 percent.
Declines were broad-based, but financials saw some of the heaviest losses. Shares of Barclays (BCS.N) fell 7.2 percent to $17.48, while shares of Deutsche Bank (DB.N) declined 3.5 percent to $61.65 and shares of Mizuho Financial Group (MFG.N) dropped 2.5 percent to $3.13.
U.S. earnings news included results from conglomerate General Electric Co (GE.N), Bank of America Corp (BAC.N) and Citigroup Inc (C.N) , which reported second-quarter earnings that beat expectations but revenues that were down from the prior year.
Also, a reading on U.S. consumer sentiment dropped to its lowest level in 11 months.
Mexican cement maker Cemex (CX.N) was down 5 percent to $9.36 while Brazilian energy company Petrobras (PBR.N) was down 1.6 percent at $34.72.
Share of BP Plc (BP.N) declined 3.4 percent to $37.59, a day after shares jumped more than 7 percent on news from the company that no oil was leaking from its Macondo well in the Gulf of Mexico for the first time since April.
The BNY Mellon index of leading Asian ADRs .BKAS was down 2.5 percent. In Japan, the benchmark Nikkei .N225 shed 2.9 percent to 9,408.36.
The BNY Mellon index of leading European ADRs .BKEUR was down 2.9 percent. In Europe, the FTSEurofirst 300 .FTEU3 was down 2 percent.
Receipts with the BNY Mellon index of leading Latin American ADRs .BKLA declined 2.1 percent. (Reporting by Caroline Valetkevitch; Editing by Kenneth Barry)
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