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ADR REPORT-Shares edge higher but outlook cloudy
NEW YORK, June 26 |
NEW YORK, June 26 (Reuters) - Shares of overseas companies traded in the United States rose on Tuesday after steep losses in the last session, but gains were slight on doubts a summit on the European debt crisis this week will produce decisive action.
Spanish bond yields rose after demand at a bill sale fell despite higher yields as hopes faded that the European Union summit would produce game-changing crisis measures.
The two-day summit in Brussels on Thursday and Friday will be the 20th time European Union leaders have met on resolving a crisis that has spread across the euro zone since it began in Greece in early 2010.
The BNY Mellon index of leading American depositary receipts rose 0.5 percent, while the Standard & Poor's 500 index also added 0.5 percent.
Madrid formally asked on Monday for funds to bail out its banks in a move some see as a prelude for a full-blown bailout of the euro zone's fourth-largest economy.
Spanish banks did not partake in the rally. Shares of Banco Santander fell 0.8 percent to $5.93, while BBVA fell 0.5 percent to $6.25.
In the overall European ADR market, the BNY Mellon index of leading European ADRs rose 0.5 percent, while the FTSEurofirst 300 index of top shares closed up 0.02 percent.
There was strength in defensive stocks. Brewer Anheuser-Busch InBev SA's rose 2.6 percent to $72.67. It said late Monday that it is interested in buying the rest of Mexico's Grupo Modelo, cheering investors eager to see more consolidation in the global beer market.
The BNY Mellon index of leading Asian ADRs rose 0.4 percent and the BNY Mellon index of leading Latin American ADRs added 0.7 percent.
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