ADR REPORT-Energy shares fall with drop in oil prices
NEW YORK, Sept 24 |
NEW YORK, Sept 24 (Reuters) - U.S.-listed shares of foreign companies fell on Monday, with energy shares among the biggest losers alongside a drop in oil prices.
Asian shares led the way lower, with cyclical shares like energy and materials among the biggest decliners. The groups, which are closely tied to the pace of economic growth, had advanced in recent weeks on growing expectations for stimulus from central banks around the world.
The U.S. Federal Reserved announced new easing measures earlier this month, following similar actions from the European Central Bank. Since then shares have struggled for direction. While accommodative monetary policy is seen as limiting equity downside, market participants have few reasons to keep buying amid signs of stalling growth.
Aluminum China dropped 0.7 percent while oil firm Cnooc Ltd fell 1.5 percent. Crude oil fell 1.7 percent, extending its steep decline from last week.
The BNY Mellon index of leading Asian ADRs fell 0.8 percent, outpacing the 0.5 percent dip in a broader index of American depositary receipts. The S&P 500 fell 0.3 percent.
The BNY Mellon index of leading European ADRs fell 0.5 percent. European shares fell 0.3 percent as a drop in German business sentiment pushed investors away from growth-oriented stocks.
Among the most active European ADRs, BHP Billiton fell 0.8 percent to $62.86 and Rio Tinto lost 2.4 percent to $48.21.
In Latin America, Petroleo Brasil fell 0.6 percent.
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