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ADR REPORT-Foreign shares rise on 'fiscal cliff' optimism
December 18, 2012 / 7:30 PM / in 5 years

ADR REPORT-Foreign shares rise on 'fiscal cliff' optimism

NEW YORK, Dec 18 (Reuters) - U.S.-listed shares of foreign companies rose on Tuesday, boosted by hopes negotiations in the “fiscal cliff” talks were beginning to inch forward.

A deal to avert the “fiscal cliff” - a series of tax hikes and spending cuts that could send the U.S. economy into recession - looked closer after House of Representatives Speaker John Boehner kept the support of his Republican colleagues for compromises in talks with President Barack Obama.

The BNY Mellon index of leading American depositary receipts gained 1 percent, while the Standard & Poor’s 500 index rose 1.1 percent and was on track for its best two-day performance in a month.

Nokia Corp climbed 4.6 percent to $4.13 in New York trade, buoyed by growing expectations of strong sales of the company’s new Lumia smart phone models.

The BNY Mellon index of leading European ADRs gained 0.8 percent, while the FTSEurofirst 300 index of top shares closed up 0.4 percent

The BNY Mellon index of leading Asian ADRs advanced 1.5 percent, as the Nikkei average neared the 10,000 mark and remained at an 10-week high on expectations of an aggressive monetary easing policy in the wake of recent elections.

The anticipation of an easing policy helped move lift shares of exporters, with Canon Inc up 4.4 percent to $39.42, Honda Motor Co up 2.4 percent to $34.79 and Toyota Motor Corp up 3 percent to $89.18.

Toyota also rose after the Nikkei reported the automaker will keep its global output target for 2013 nearly unchanged from this year at 9.9 million vehicles despite a production cut at home.

The BNY Mellon index of leading Latin American ADRs advanced 0.9 percent.

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