ADR Report-ADRs gain, helped by financials
NEW YORK, Oct 4 (Reuters) -U.S.-listed shares of overseas companies rose on Thursday, boosted by financial companies as investors bet the worst of the credit crisis is over.
The Bank of New York's index of leading American Depository Receipts (ADRs) .BKADR was up 0.6 percent at 193.09. while the 30-share Dow Jones industrial average .DJI was little changed at 13,968.46.
U.S. stocks were trading flat, with investors cautious before Friday's key employment report that could help gauge the economy's health and outlook for profits.
The Bank of New York's index of leading European ADRs .BKEUR rose 0.5 percent. In Europe, shares ended higher, extending a winning streak to four days as central banks kept rates on hold as expected and financials gained.
Among financial ADRs, Barclays (BCS.N) rose 2.7 percent to $53.40, Spanish bank BBVA (BBV.N) climbed 0.6 percent to $23.90 and Dutch bank ING Groep NV (ING.N) gained 0.7 percent to $45.28. Deutsche Bank's (DB.N) ADRs rose 0.7 percent to $135.01.
The ADRs of BP Plc (BP.N) rose after Exane BNP Paribas raised the British energy company to "outperform" from "underperform" as it upped its oil price forecast. [ID:nBNG52921] BP's ADRS rose 1.9 percent to $68.87.
Swedish truck maker Volvo's VOLV.OQ ADRs gained 2.3 percent to $18.11. Volvo is leading a race to buy a majority stake in India's Eicher Motors (EICH.BO), the Hindustan Times reported on Thursday, citing unidentified sources.
The Bank of New York's index of leading Asian ADRs .BKAS was 0.8 percent. In Asia, shares ended lower, dented by chip makers after Wednesday's negative broker report on Intel Corp (INTC.O).
Mitsubishi UFJ Financial Group (MTU.N) was among Asian bank ADRs gaining on bets that the worst of the credit crisis was over; the ADR rose 2.6 percent to $10.03.
Chip-related ADRs, such as Kyocera Corp (KYO.N), fell. Kyocera dropped 1.4 percent to $91.20.
The Bank of New York's index of leading Latin American ADRs .BKLA rose 0.6 percent. In Latin America, major benchmark stock indexes were mixed. with Brazilian stocks gaining, while Mexico's benchmark IPC stock index .MXX fell.
In Brazil, state-controlled oil company Petrobras, the heaviest-weighted stock in the index, rose
Petrobras said late on Wednesday it lifted the price of domestically produced natural gas by 7 percent for distributors as of Monday and was also passing on a 9 percent increase in the price of imported Bolivian gas.
In Mexico, home builders' shares were broadly lower, after Mexican home builder Ara (ARA.MX) slashed its forecast for 2007 revenue growth. The ADRs of Mexico's largest home builder, Homex Development (HXM.N), fell 3.2 percent to $55.07. Cement maker Cemex (CX.N) dropped 0.9 percent to $31.65.
