ADR REPORT-Cyprus bailout move hits bank shares
NEW YORK, March 18
NEW YORK, March 18 (Reuters) - U.S.-listed shares of foreign companies declined on Monday, as a plan by Cyprus to tax bank accounts in order to stave off a bankruptcy triggered concerns about the euro-zone's financial stability and weighed on bank shares.
Cypriot ministers worked to adjust a plan to seize money from bank deposits ahead of a parliamentary vote on Tuesday which could result in the country's financial rescue or threaten its default.
The weekend announcement by the nation to tax bank deposits as part of a 10 billion euro ($13 billion) bailout by the European Union is a departure from prior bailout plans, which kept depositors' savings intact.
Financial shares declined, with Deutsche Bank down 2.7 percent to $43.42, Barclays PLC off 3.7 percent to $18.52 and ING Groep down 3.8 percent to $8.04 in New York trade.
The BNY Mellon index of leading American depositary receipts lost 0.9 percent, while the Standard & Poor's 500 index declined 0.4 percent.
The BNY Mellon index of leading European ADRs fell 1 percent, while the FTSEurofirst 300 index of top shares closed down 0.3 percent.
U.S.-listed shares of Panasonic Corp advanced 3.8 percent to $7.43 after sources said the consumer electronics maker is considering the sale of its healthcare business to raise cash.
The BNY Mellon index of leading Asian ADRs dipped 0.7 percent.
The BNY Mellon index of leading Latin American ADRs fell 0.6 percent. Banco de Chile dropped 3.7 percent to $95.18 and Banco Bradesco shed 1.2 percent to $18.41.
- Police seek motive in fatal Washington state school shooting
- U.S. nurse quarantined over Ebola criticizes her treatment |
- Two deputies killed, two others hurt in California shooting spree
- Wall St. finally turning on Amazon as Bezos magic fades
- U.S., allies stage 22 air strikes in Iraq: U.S. Central Command