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ADR REPORT-Shares rise after Spain keeps rating, cheery U.S. data
October 17, 2012 / 7:00 PM / 5 years ago

ADR REPORT-Shares rise after Spain keeps rating, cheery U.S. data

NEW YORK, Oct 17 (Reuters) - U.S.-listed shares of foreign companies rose on Wednesday after Spain avoided a ratings downgrade and as stock markets were boosted by strong U.S. housing data.

Moody’s Investors Service affirmed its investment grade rating on Spain, easing fears the country would be cut to a junk rating. Spain’s Santander was up 3.9 percent at $7.94.

Telefonica rose 3.9 percent to $14.18 after a prospectus showed its German business will pay no tax until 2016, potentially allowing the group to maintain generous dividends and making its stock market flotation attractive to investors.

Chip gear maker ASML tumbled after the company said it is buying Cymer for 1.95 billion euros ($2.5 billion). ASML lost more than 7 percent to $49.55.

BHP Billiton gained after the mining giant said it is forging ahead with plans to boost iron ore output. BHP was up 3 percent at $71.08.

The BNY Mellon index of leading American depositary receipts rose 0.8 percent, while the Standard & Poor’s 500 index added 0.4 percent.

The BNY Mellon index of leading European ADRs gained 0.9 percent, while the FTSEurofirst 300 index of top shares finished up 0.5 percent.

The BNY Mellon index of leading Asian ADRs rose 0.6 percent and the BNY Mellon index of leading Latin American ADRs edged up 0.1 percent.

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