| NEW YORK
NEW YORK Dec 21 U.S.-listed shares of foreign
companies fell on Friday after a plan to avert the "fiscal
cliff" failed to gain support, denting optimism a deal was on
A proposal from Speaker of the U.S. House of Representatives
John Boehner to avoid the fiscal cliff failed to get support
from his Republican party on Thursday, putting fresh doubt
around negotiations to avoid automatic tax hikes and spending
cuts that start to kick in in January and which could push the
U.S. economy back into recession.
Adding to the pessimism, Boehner said on Friday
congressional leaders and President Barack Obama must try to
move on from the Republicans' failed tax plan.
Both the BNY Mellon index of leading American depositary
receipts and the Standard & Poor's 500 index
lost 1 percent.
Bank stocks, which have seen their performance closely tied
to the progress in negotiations, declined. Shares of Credit
Suisse lost 2.8 percent to $24.61 while Deutsche
Bank fell 2.5 percent to $43.65 in New York
The BNY Mellon index of leading European ADRs
dropped 1 percent, while the FTSEurofirst 300 index of
top shares closed down 0.3 percent.
The BNY Mellon index of leading Asian ADRs lost 1
The BNY Mellon index of leading Latin American ADRs
fell 0.7 percent, with economically sensitive commodity stocks
bearing the brunt of the declines. Iron-ore mining giant Vale SA
shed 1.8 percent to $20.10 while
state-controlled oil producer Petroleo Brasileiro SA
dropped 2.6 percent to $20.04.