ADR REPORT-European data leads shares lower
NEW YORK |
NEW YORK Feb 22 (Reuters) - Overseas shares traded in the United States fell on Wednesday, with European shares weighing after weak data suggested the region could tip into recession.
Asian and Latin American shares were little changed, but a broad index of American depositary receipts was lower after Markit's Eurozone Services Purchasing Managers' Index missed forecasts. The miss raised questions about whether Greece can recover from its economic slump.
The BNY Mellon index of leading European ADRs fell 0.6 percent, sending the BNY Mellon index of leading American Depositary Receipts down 0.4 percent.
Losses were broad in Europe but banking shares were among the most pressured by the concerns over the growth outlook. Barclays Plc dropped 3.1 percent to $14.94 while Governor and Company of the Bank of Ireland sank 5.4 percent to $7.38. UBS AG fell 2.9 percent to $13.92.
The BNY Mellon index of leading Asian ADRs was 0.2 percent higher while the BNY Mellon index of leading Latin American ADRs was off 0.2 percent.
In China, shares closed up and hit a nearly three-month high while Latin American shares slipped on concerns about European growth.
Latin American banks fell, with Brazil's Banco Bradesco off 1.7 percent to $18.01 and Argentina's Banco Marco S.A. losing 1.1 percent to $22.91.
Among the most active Latin American ADRs, NET Servicos de Comunicacao S.A rose 3.1 percent to $12.47 a day after Standard and Poor's said it had a positive outlook on the company's credit rating, which is currently "BBB-".
In Asia, Agria Corp plunged 14 percent to $1.21 after its New Zealand subsidiary reported results, while China Life Insurance Co rose 2.3 percent to $46.45 after Fitch affirmed its "A+" credit rating on the company.
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