ADR REPORT-Japan exporters lead foreign shares lower
NEW YORK |
NEW YORK Jan 16 (Reuters) - U.S.-listed shares of foreign companies fell on Wednesday, pressured by losses in stocks of Asian companies as investors awaited crucial economic data from China later this week, while further gains in the yen spurred profit-taking in Japanese equities after their recent rally.
Japanese exporters, which had been big outperformers recently, were the day's biggest decliners. Japan's benchmark Nikkei index shed 2.6 percent on Wednesday, its biggest one-day drop in eight months.
The Nikkei lost 278.64 points to 10,600.44, a day after hitting a 32-month high. It also dropped out of "overbought territory," with its 14-day relative strength index coming back under the 70 mark for the first time since Dec. 21.
U.S.-listed shares of Toyota Motor Corp fell 1.8 percent to $94.64 and Canon Inc shares were down 2.7 percent at $37.10.
The yen, which has fallen more than 1 percent against the dollar so far this year, rebounded for a second day on Wednesday after a Japanese government official said further softness in the yen could harm importers and fuel costs.
The BNY Mellon index of leading American depositary receipts fell 0.5 percent, while the Standard & Poor's 500 index ended flat.
The BNY Mellon index of leading European ADRs fell 0.5 percent. The BNY Mellon index of leading Asian ADRs lost 0.8 percent.
The BNY Mellon index of leading Latin American ADRs fell 0.2 percent.
China is to release fourth-quarter data on gross domestic product on Friday.
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