ADR Report-Stocks gain on Greece hopes; Japan ADRs outperform
NEW YORK, May 31 (Reuters) - Overseas shares traded in the United States rose on Tuesday on hopes that a second financial aid package for Greece would be approved.
European Union officials met in Vienna to draft a second bailout for highly indebted Greece, with a range of policy steps on the table, including debt rollover and bond maturity extensions, sources said. For details, see [ID:nL3E7GV07I]
Japanese companies traded in the U.S. were among the day's top gainers after data showed industrial activity in Japan has begun to recover from a March earthquake. The strength in the euro, which hit a three-week high versus the dollar, also helped major exporters in Japan.
The BNY Mellon index of leading American Depositary Receipts .BKADR was up 1 percent, outperforming the U.S. benchmark S&P 500 index .SPX which gained 0.5 percent.
The BNY Mellon index of leading Asian ADRs .BKAS rose 0.9 percent. In Asia, Japanese stocks rallied, encouraged by manufacturers' predictions of stronger output in the coming months and by a weaker yen after the euro climbed and Moody's put Japan's credit ratings on review for possible downgrade.
Also helped by a climb in solar-energy shares on news that Germany will shut all its nuclear reactors by 2022, the Nikkei pushed above resistance near 9,660, its 25-day moving average.
Currency-sensitive exporters outperformed with Toyota Motor (TM.N) rising 0.9 percent to $83.00 and Honda Motor (HMC.N) up 0.3 percent to $37.90.
U.S.-listed shares of Canon Inc (CAJ.N) rose 1.3 percent to $47.79 and Panasonic Corp PC.N gained 0.7 percent to $11.66.
The BNY Mellon index of leading European ADRs .BKEUR was up 1.2 percent. In Europe, shares hit a 2-1/2 week closing high, with appetite for riskier assets boosted by expectations a second aid package for Greece would be agreed, lowering the risk of a near-term debt restructuring.
Receipts with the BNY Mellon index of leading Latin American ADRs .BKLA rose 0.1 percent. (Reporting by Angela Moon, Editing by Kenneth Barry)
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