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ADR REPORT-Foreign shares move higher on earnings; Petrobras drops
NEW YORK |
NEW YORK Feb 5 (Reuters) - U.S.-listed shares of foreign companies advanced on Tuesday as a flurry of positive corporate earnings reports helped stocks bounce from their worst percentage drop of the year.
BP plc advanced 1.2 percent to $44.14 in New York trade as the British oil company announced quarterly profit down a fifth from a year ago, but still beat expectations because of one-off taxes related to its divestments and liability payments.
ARM Holdings advanced 4.4 percent to $43.78 after the British chip designer topped expectations for quarterly profit growth, boosted by the boom in smartphone and tablet sales that contain its technology.
The BNY Mellon index of leading American depositary receipts gained 0.5 percent, while the Standard & Poor's 500 index climbed 1.1 percent.
The ADR index had fallen 2 percent in the prior session, its worst percentage drop since October 23.
The BNY Mellon index of leading European ADRs climbed 0.6 percent, while the FTSEurofirst 300 index of top shares closed up 0.3 percent.
European banking shares moved higher after economic data for the region pointed to a slowly recovering economy. Deutsche Bank climbed 2.2 percent to $51.21.
But the BNY Mellon index of leading Latin American ADRs lost 0.1 percent, weighed down by a 6.7 percent drop in Petrobras to $16.83.
Brazil's state-led oil company reported a rise in fourth-quarter profit but said debt rose past the company's own limit. In addition, the company cut its common share dividend in an attempt to preserve cash.
The BNY Mellon index of leading Asian ADRs gained 0.3 percent.
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