ADR Report-ADRs drop on credit concerns; UBS, ICICI hit
By Deepa Seetharaman
NEW YORK, Aug 12 (Reuters) - U.S.-traded shares of overseas companies fell on Tuesday as worries about more credit losses weighed on financial companies.
The Bank of New York Mellon's index of leading American Depositary Receipts (ADRs) .BKADR was down 0.6 percent, in line with the 30-share Dow Jones industrial average .DJI.
News that JPMorgan Chase (JPM.N), the No. 3 U.S. bank, has taken another $1.5 billion of write-downs in the current quarter to date suggested that fallout from the housing slump was far from over. For details, see [ID:nBNG274174]
A worse-than-expected quarterly loss posted by UBS AG (UBSN.VX)(UBS.N), Europe's biggest casualty of the credit crunch, added to the negative sentiment.
UBS shares fell more than 5 percent to $20.44 in New York. Additionally, the Swiss bank unveiled a plan to split its investment bank business from its wealth management arm. For details, see [ID:nLB144790]
U.S.-listed shares of Indian bank ICICI Bank Ltd (IBN.N)(ICBK.BO) were among the biggest losers, down 7.5 percent to $33.00 on the New York Stock Exchange.
The Bank of New York Mellon's index of leading European ADRs .BKEUR was down 0.5 percent. The FTSEurofirst 300 .FTEU3 index of top European shares ended down 0.3 percent.
U.S.-traded shares of German lender Deutsche Bank (DB.N) declined about 2 percent to $93.90 on the NYSE, while ADRs of Britain's Barclays Plc (BCS.N) fell 2.8 percent to $28.30.
In Asia, stock markets edged lower as the potential for future economic weakness worried investors, particularly after data showed Japan's wholesale inflation at the highest in 27 years.
The Bank of New York Mellon's index of leading Asian ADRs .BKAS fell 1.1 percent, the most of any index. U.S.-traded shares of Nomura Holdings (NMR.N), Japan's biggest brokerage, dropped 1.4 percent to $14.28.
Receipts on the Bank of New York Mellon's index of leading Latin American ADRs .BKLA were mixed, mirroring a similar move in the Mexican and Brazilian stock markets.
Brazil's Bovespa .BVSP index was up 0.5 percent, while Mexico's benchmark stock index .MXX was off 0.5 percent. (Editing by Daniel Trotta)
