ADR REPORT-Euro zone worries weigh on foreign shares

NEW YORK Tue Nov 13, 2012 4:57pm EST

NEW YORK Nov 13 (Reuters) - U.S.-listed shares of foreign companies fell on Tuesday on worries over the euro zone's debt crisis after a clash between Greece's international lenders over how the country can bring its debts to a sustainable level.

In New York, shares of National Bank of Greece tumbled 4.9 percent to $1.95.

Euro zone finance ministers suggested Greece should be given until 2022 to lower its debt-to-GDP ratio to 120 percent, but International Monetary Fund chief Christine Lagarde insisted the existing target of 2020 should remain.

Some bank shares bucked the downward momentum. Speculation from traders that Spain may be close to asking for a bailout pushed shares of Santander up 1.6 percent at $7.03.

In other moves, Vodafone fell after the British mobile operator wrote down the value of its businesses in Spain and Italy, and lowered its cash-flow forecast. Vodafone lost 2.7 percent to $25.69.

The BNY Mellon index of leading American depositary receipts fell 0.5 percent, while U.S. equities markets also weakened.

The BNY Mellon index of leading European ADRs was off 0.3 percent, though the FTSEurofirst 300 index of top shares ended modestly higher as banks rose on the talk of a Spain bailout.

The BNY Mellon index of leading Asian ADRs lost 1.1 percent and the BNY Mellon index of leading Latin American ADRs was down 0.5 percent.

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.