ADR Report-Miners, U.S. dollar weigh down ADRs
NEW YORK, Dec 3 (Reuters) - Overseas shares traded in the United States fell on Wednesday, weighed down by steep declines in the basic materials and financials sectors and by a stronger U.S. dollar.
The Bank of New York Mellon's index of leading American Depositary Receipts (ADRs) .BKADR slid 1 percent while the 30-share Dow Jones industrial average .DJI gained 0.5 percent.
U.S. miner Freeport-McMoRan (FCX.N) suspended its dividend, cut its capital expenditure by more than half and lowered copper output because of the recent slump in metal prices, setting off a downward spiral in basic materials companies' share prices. [ID:nN03310672]
ADRs of British miner and index heavyweight Rio Tinto plc (RTP.N) fell 15 percent to $66.29 and those of Brazilian peer Vale RIO.N lost 6.3 percent to $9.89, both on the New York Stock Exchange.
The ICE Futures' dollar index .DXY rose 0.4 percent on expectations for interest rate decisions by central banks in the euro zone, Britain and Sweden. [ID:nN03331356]
The Bank of New York Mellon's index of leading Asian ADRs .BKAS shed 0.7 percent. The MSCI index of Asia-Pacific stocks outside of Japan .MIAPJ0000PUS edged up 0.6 percent, while Shanghai's Composite .SSEC jumped 4 percent and Tokyo's Nikkei average .N225 advanced 1.8 percent.
New York-traded shares of Japanese miner Orix (IX.N) plunged 12.7 percent to $27.89 on the NYSE.
The Bank of New York Mellon's index of leading European ADRs .BKEUR was down 0.7 percent. In Europe, the FTSEurofirst 300 .FTEU3 index of top European shares closed up 0.55 percent helped by drugmakers and telecoms, as investors braced for rate cuts.
ADRs of Novartis (NVS.N) rose 3.4 percent to $46.90 but ArcelorMittal (MT.N) fell 4.5 percent to $20.48.
The dollar rise hit Latin American ADRs harder as the Bank of New York Mellon's regional subindex .BKLA fell 2.4 percent and the MSCI stock index for Latin America .MILA00000PUS fell 1.64 percent.
But local benchmarks advanced, as Brazil's Bovespa index .BVSP was up 0.9 percent, Argentina's Merval .MERV added 1.9 percent and Mexico's IPC .MXX index gained 1.8 percent.
A decline in ADRs of heavyweight America Movil (AMX.N), down 3 percent, added to the sharp fall of Vale to help turn the subindex negative.
(Editing by Chizu Nomiyama)
