ADR Report-ADRs climb after G20 pledge on economy

By Chuck Mikolajczak

NEW YORK, Nov 9 (Reuters) - Overseas shares traded in the United States rose on Monday after a pledge by the Group of 20 nations to keep economic stimulus in place until a recovery was on firmer ground.

Finance ministers and central bankers of the G20 agreed on Saturday to keep the aid spigot open, lifting stocks on a global scale while further pressuring the U.S. dollar. For details, see [ID:nL7204184][ID:nLQ516726].

The Bank of New York Mellon index of leading American Depositary Receipts (ADRs) .BKADR gained 2.4 percent while the U.S. benchmark S&P 500 index .SPX rose 1.3 percent.

Cadbury (CBY.N) edged up 0.6 percent after Kraft Foods (KFT.N) chief Irene Rosenfeld refused to boost her $16.4 billion offer, which Cadbury had rejected earlier. The result could be a bidding fight which could drag on for up to three months. [ID:nL9380032]

The Bank of New York Mellon index of leading Asian ADRs .BKAS advanced 1.9 percent. In Asia, stocks and currencies rose on bets Friday's bleak unemployment report in the United States would force policymakers to keep stimulus measures in place until the economy improved further. [ID:nSP425501]

The Bank of New York Mellon index of leading European ADRs .BKEUR gained 2.4 percent. In Europe, the FTSEurofirst 300 .FTEU3 index of top shares, up 1.8 percent, rose for the fourth straight session as commodity and financial shares lifted stocks to a two-week high in the wake of the G20 decision.

The head of Rio Tinto's (RTP.N) iron ore division said on Monday Rio and BHP Billiton (BHP.N) have not received any indications that the two mining giants will face regulatory issues in forming an iron ore production joint venture. [ID:nSP72304]

Rio Tinto shares jumped 6 percent to $204.96 while BHP gained 4.9 percent to $71.28.

Receipts with the Bank of New York Mellon index of leading Latin American ADRs .BKLA climbed 2.8 percent. (Reporting by Chuck Mikolajczak; Editing by Kenneth Barry)