ADR REPORT-Cyprus concerns hit ADRs; AstraZeneca rises
NEW YORK, March 21
NEW YORK, March 21 (Reuters) - U.S.-listed shares of foreign companies declined on Thursday over concerns Cyprus was nearing a banking collapse and economic data suggesting the euro zone economy continues to slump.
The European Union gave the island nation until Monday to raise the billions of euros it needs to receive an international bailout, with the alternative being the likely collapse of its banking system and removal from the euro zone.
Adding to the region's woes, data showed Germany's economy slowed and France likely slipped into a recession.
Banks succumbed to pressure from the fiscal troubles in Cyprus, with Credit Suisse down 2.2 percent to $26.59 and ING Groep off 1.4 percent to $7.82 in New York trading.
Deutsche Bank shares edged up 0.2 percent to $42. however, after forecasting a strong first quarter.
The BNY Mellon index of leading American depositary receipts fell 0.8 percent, while the Standard & Poor's 500 index declined 0.7 percent.
The BNY Mellon index of leading European ADRs shed 0.9 percent, while the FTSEurofirst 300 index of top shares closed down 0.7 percent.
AstraZeneca shares were a bight spot, up 3.4 percent to $47.76 after the drugmaker's new chief executive announced another 2,300 job cuts in sales and administration.
Both the BNY Mellon index of leading Asian ADRs and BNY Mellon index of leading Latin American ADRs declined 0.7 percent.