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ADR REPORT-Foreign shares jump on 'fiscal cliff' talk bets
November 19, 2012 / 10:26 PM / 5 years ago

ADR REPORT-Foreign shares jump on 'fiscal cliff' talk bets

NEW YORK, Nov 19 (Reuters) - U.S.-listed shares of foreign companies rallied on Monday alongside global equities on signs of progress in talks to deal with the “fiscal cliff.”

Energy companies were among the largest percentage gainers as the price of Brent crude jumped 2.5 percent to a one-month high on supply concerns as violence in the Middle East escalated.

U.S.-traded shares of Eni SpA, Total SA and BP plc rose 3 percent or more.

Leading U.S. lawmakers expressed confidence over the weekend that they could reach a deal to avert the “fiscal cliff,” a series of spending cuts and tax hikes that could derail the economic recovery, even as they laid down markers on taxes and spending that may make any agreement more difficult.

The BNY Mellon index of leading American depositary receipts added 1.9 percent, roughly in line with the U.S. benchmark S&P 500’s 2 percent gain.

The BNY Mellon index of leading European ADRs gained 2.15 percent.

The BNY Mellon index of leading Asian ADRs added 1.5 percent, with Japanese ADRs up for a third session on hopes for more monetary easing after next month’s election.

The Japan ADR index has gained 7.5 percent in the last three sessions.

The BNY Mellon index of leading Latin American ADRs gained 1.45 percent.

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