ADR Report-ADRs fall on economy concerns, risk aversion
NEW YORK, Nov 20 (Reuters) - A global retreat from risky assets on concerns over the strength of the economic recovery weighed on overseas shares traded in the United States on Friday, sending them lower for a fourth-straight day.
Stocks of European companies led declines, especially banks and materials companies. New York-traded shares of Deutsche Bank (DB.N) fell 2.7 percent to $73.38 and BHP Billiton Plc (BBL.N) lost 1.4 percent to $60.72.
The Bank of New York Mellon index of leading American Depositary Receipts (ADRs) from European companies .BKEUR fell 1.2 percent.
The bright spot on Friday came from Japanese banks, as their local shares rose after a recent sell-off sparked by concerns about fund-raising after top lender Mitsubishi UFJ Financial Group (MTU.N) announced a massive share sale this week. The bank's ADRs rose 3.5 percent on Friday.
The BoNY Mellon index of leading ADRs .BKADR fell 0.77 percent while the U.S. benchmark S&P 500 index .SPX slipped 0.32 percent.
The broad ADR index posted its first weekly loss in three weeks, with a decline of 1.5 percent.
The BoNY Mellon index of leading Asian ADRs .BKAS rose 0.6 percent. Japanese ADRs .BKJP advanced 1.3 percent led by banks and supported by Canon Inc (CAJ.N), up 2.5 percent to $38.03 and Panasonic Corp (PC.N), up 2.2 percent to $13.
Overnight in Asia shares fell in most major markets.
The BoNY Mellon index of leading Latin American ADRs .BKLA dropped 1 percent. Risk aversion weighed on Mexico's benchmark IPC stock index .MXX, which fell 0.5 percent.
Sao Paulo's Bovespa exchange was closed Friday due to a regional holiday. (Editing by Kenneth Barry)
