| NEW YORK, March 19
NEW YORK, March 19 U.S.-listed shares of foreign
companies declined on Tuesday amid continued uncertainty over
the fiscal stability of Cyprus, while mining-related stocks fell
on concern about weakening demand.
At a vote Tuesday, the Cyprus parliament was expected to
reject a proposed 10-billion-euro ($12.89 billion) rescue
package, the first of euro zone bailout plans to include a tax
on bank deposits, in a bid to avoid a default that would shake
the euro zone.
Bank shares slumped for a second straight day on the
developments in Cyprus, with Deutsche Bank down
3.8 percent at $41.40, Barclays PLC off 2.4
percent at $18.01, and Credit Suisse down 2.6
percent at $26.89.
The BNY Mellon index of leading American depositary receipts
fell 0.5 percent, while the Standard & Poor's 500 index
declined 0.6 percent.
The BNY Mellon index of leading European ADRs
dipped 0.4 percent, while the FTSEurofirst 300 index of
top shares closed down 0.4 percent.
Mining shares also retreated after Rio Tinto
cautioned that China could no longer be
relied upon for unchecked opportunity, which could result in
volatile markets and lower prices as the world's second-largest
economy slows its steel production.
Separately, Goldman Sachs added Rio Tinto to its "conviction
sell" list while also lowering its rating on BHP to "neutral."
Rio Tinto shares dropped 5 percent to $46.83 and BHP lost
2.9 percent to $69.93 in New York trading.
Luxembourg-based ArcelorMittal , the world's
largest steelmaker dipped 3.6 percent to $13.78.
Brazil's Vale SA , the world's biggest
iron ore miner, declined 2.7 percent to $16.97.
The BNY Mellon index of leading Asian ADRs slipped
0.7 percent and the BNY Mellon index of leading Latin American
ADRs lost 1 percent.