ADR Report-Global growth worries slam ADRs

By Kristina Cooke

NEW YORK, Sept 5 (Reuters) - Overseas shares traded in the United States slid on Friday, after a surprisingly weak U.S. jobs report exacerbated worries about a global economic slowdown.

The selling was broad-based, as investors dumped ADRs of companies from energy and mining to banks and telecommunications.

Global growth worries have slammed markets worldwide this week, as evidence mounts that economies outside the United States are also deteriorating sharply, especially in Europe, which is facing recession. For more, see [ID:nL5603292]

Nokia (NOK.N) (NOK1V.HE), the world's top mobile phone maker, added to concerns about the extent a global economic slowdown will cut into corporate profits. Nokia's ADRs fell 10 percent to $20.10 after the company warned it would lose market share this quarter as it refused to participate in a price war waged by some rivals to combat weak economies.

Nokia's warning pushed down ADRs of telecommunications companies such as Vodafone (VOD.N) (VOD.L), which shed 3.8 percent to $23.25 and Spain's Telefonica (TEF.N) (TEF.MC) down 2 percent to $70.61.

ADRs of miner BHP Billiton (BBL.N) (BLT.L) and Brazil's Vale RIO.N (VALE5.SA) tracked a sharp decline in metals prices. Energy companies, such as Total (TOT.N) (TOTF.PA) slid as oil prices slid on flagging demand worldwide.

The Bank of New York Mellon's index of leading American Depositary Receipts (ADRs) .BKADR dropped 2.4 percent while the 30-share Dow Jones industrial average .DJI fell 1 percent.

The Bank of New York Mellon's index of leading European ADRs .BKEUR fell 2.5 percent, while in Europe, shares slid more than 2 percent.

European bank stocks dropped after the European Central Bank unveiled tougher rules on the assets banks can submit as collateral in central bank lending operations, following concern that its rules have been open to misuse. Analysts said the changes would push up the overall cost of borrowing funds from the central bank.

ADRs of Royal Bank of Scotland (RBS.L) (RBS.N) fell 3.9 percent to $3.93 and UBS (UBS.N) (UBSN.VX) dropped 2.1 percent to $20.14.

The Bank of New York Mellon's index of leading Asian ADRs .BKAS fell 2.2 percent. In Asia, shares slid sharply.

Japan's Sony Corp (SNE.N) (6758.T) ADRs fell 2.8 percent to $35.81 after the consumer electronics giant recalled 438,000 Vaio laptops due to possible overheating that could burn users.

ADRs of South Korea's Posco (PKX.N) (005490.KS), the world's No.4 steelmaker, fell 3.6 percent to $93.

Receipts with the Bank of New York Mellon's index of leading Latin American ADRs .BKLA fell 3.7 percent. In Latin America, major benchmarks were lower .

Petroleo Brasil (PBR.N) (PETR4.SA) ADRs fell 5.6 percent to $42.87. ADRs of Brazilian steelmaker Gerdau (GGB.N) (GGBR4.SA) fell 6.4 percent to $14.44.

Mexico's Homex Development (HXM.N) (HOMEX.MX) ADRs fell 3.5 percent to $48.27. (Reporting by Kristina Cooke; Editing by Tom Hals)