ADR REPORT-European shares lead ADRs higher
NEW YORK, March 22
NEW YORK, March 22 (Reuters) - The U.S.-listed shares of foreign companies rose on Friday led by the stock of European companies as investors bet a bailout agreement would be reached in Cyprus.
The Cypriot ruling party said the island nation was close to a deal to raise billions of euros and unlock a bailout from the European Union that could avert a financial meltdown and its exit from the euro.
A gauge of pan European shares closed down 0.1 percent, but the U.S.-traded shares of European companies, including some in the financial sector, rose. The BNY Mellon index of American depositary receipts of European companies rose nearly 0.9 percent.
The ADRs of Prudential Plc rose 2.6 percent to $33.69 and those of Credit Suisse added 2.2 percent to $27.18.
The broader BNY Mellon index of leading ADRs gained 0.7 percent, while the S&P 500 index rose 0.72 percent.
For the week, the ADR index fell 1 percent, its largest weekly decline in six weeks, while the S&P 500 fell 0.2 percent to post only its second weekly decline so far this year.
The BNY Mellon index of leading Asian ADRs added 0.54 percent. China Unicom ADRs rose 2.5 percent to $13.89.
The BNY Mellon index of leading Latin American ADRs edged up 0.17 percent.
The Brazilian benchmark Bovespa index hit its lowest intraday level since last July and closed down 0.6 percent at 55243.40, weighed down by a 9 percent decline in energy company OGX Petroleo.
ADRs of energy group Petrobras closed down 0.2 percent at $16.85.
DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.