ADR Report-Foreign shares rise on bets on global economy
NEW YORK, June 19 (Reuters) - Wall Street-traded shares of foreign companies rose on Friday on par with global stocks as investor sentiment improved on bets the world economy is recovering.
Financial stocks underpinned the market after Japan's Mizuho Financial Group got bullish comments from Goldman Sachs while Spain's Banco Santander, the euro zone's largest bank, said it was emerging stronger from the global economic crisis. For details see [ID:nLJ382872]
New York-traded shares of Santander (STD.N) jumped 4.6 percent to $11.70 while its peer BBVA BBV.N added 3.4 percent to $11.98. Mizuho (MFG.N) jumped rose 3.2 percent to $5.15.
The International Monetary Fund underscored the sense of improving economic fundamentals after a top officer said the IMF may lift its 2010 growth forecast for the world economy amid signs the decline in global output was moderating. For details see [ID:nSP376208]
The Bank of New York Mellon's index of leading American Depositary Receipts (ADRs) .BKADR rose 1.1 percent while the U.S. benchmark S&P 500 index .SPX edged up 0.3 percent.
European ADRs .BKEUR rose 1.16 percent, lifted in part by Santander, while U.S.-traded shares of cruise line Carnival plc (CUK.N) shot up 6.7 percent to $27.50 after S&P equity research raised its rating on the stock.
The Bank of New York Mellon's index of leading Asian ADRs .BKAS gained 1.14 percent.
Besides the rise in Mizuho, which gained after Goldman Sachs took its shares off its "conviction sell list" and upgraded the bank to "neutral," other Japanese financials rose, with Mitsubishi UFJ Financial Group (MTU.N) up 4 percent to $6.45.
Receipts with the Bank of New York Mellon's index of leading Latin American ADRs .BKLA rose 0.8 percent. In Latin America, the Mexican benchmark IPC index .MXX fell 0.3 percent, bucking the global trend but tracking the afternoon slide in the Dow Jones industrials average .DJI.
An index of Mexican ADRs .BKMX shed 0.07 percent. (Editing by Dan Grebler)
