NEW YORK Nov 7 U.S.-listed shares of European
companies tumbled on Wednesday on bleak forecasts on the euro
The European Commission said the region's economy will
barely grow next year, but pick up in 2014, forecasting slower
growth than the governments of all the euro zone's biggest
Adding to investors' anxiety, fiscal problems in the United
States eclipsed initial relief over President Barack Obama's
The BNY Mellon index of leading American depositary receipts
fell 1.5 percent, while the benchmark Standard & Poor's
500 index was down 1.9 percent.
The BNY Mellon index of leading European ADRs lost
In early morning trade in Europe, the FTSEurofirst 300
hit a two-week high as the Obama victory increased
optimism that the U.S. Federal Reserve would maintain its loose
monetary policy. But European shares gave up those gains after
the European Commission's bleak forecast, which triggered a long
slide into the close for European indexes.
U.S.-traded shares of European banks were among the hardest
hit. Barclays PLC fell 2.8 percent to $15.11, and Credit
Suisse slid 3.9 percent to $23.26. Deutsche Bank
dropped 4 percent to $44.23.
The BNY Mellon index of leading Asian ADRs lost 1.3
percent. The BNY Mellon index of leading Latin American ADRs
fell 1.4 percent.