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ADR REPORT-Oil, mining companies lower after data, Fed statement
May 1, 2013 / 6:51 PM / 4 years ago

ADR REPORT-Oil, mining companies lower after data, Fed statement

NEW YORK, May 1 (Reuters) - U.S.-listed shares of foreign companies fell on Wednesday, pulled lower by weak manufacturing data in the United States and China that sparked concerns about global growth.

China’s official purchasing managers’ index for April showed growth in China’s manufacturing sector slowed unexpectedly in April to 50.6 from an 11-month high of 50.9 in March.

In the U.S., the Institute for Supply Management’s data showed the sector expanded only modestly with its index coming in at 50.7, down from 51.3.

The data, which pointed to slowing global demand, along with a record level of U.S. crude stocks, dented oil prices and sent Brent crude futures down more than 2 percent and U.S. crude down nearly 3 percent.

The sluggish growth in the U.S. economy was reinforced by the U.S. Federal Reserve saying it will maintain its plan to buy $85 billion in bonds each month to push down borrowing costs and prop up the economy.

The BNY Mellon index of leading American depositary receipts lost 0.6 percent, while the Standard & Poor’s 500 index shed 0.5 percent.

The BNY Mellon index of leading European ADRs dipped 0.3 percent, while the FTSEurofirst 300 index of top shares closed up 0.07 percent on hopes of monetary easing in Europe.

The BNY Mellon index of leading Asian ADRs declined 1 percent. U.S.-listed shares of PetroChina fell 1.3 percent to $126.23 while CNOOC lost 1.5 percent to $184.58.

The BNY Mellon index of leading Latin American ADRs dropped 1.4 percent. Brazil’s state-run oil company Petrobras declined 1.9 percent to $18.79 in New York trade and mining company Vale SA lost 2.2 percent to $16.71.

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