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ADR REPORT-Foreign shares fall on Europe, Sony down on outlook
February 7, 2013 / 6:41 PM / 5 years ago

ADR REPORT-Foreign shares fall on Europe, Sony down on outlook

NEW YORK, Feb 7 (Reuters) - U.S.-listed shares of foreign companies dropped more than 1 percent on Thursday, with Europe once again leading the way on concerns over the region’s economic outlook.

Europe has pressured stocks throughout the week, with political tensions and concerns over sovereign debt pushing investors to take profits following recent strong performance by global shares.

Shares in Europe fell to 2013 closing lows after Mario Draghi, the head of the European Central Bank, said economic weakness would continue to afflict the region in the early part of 2013.

The BNY Mellon index of leading European ADRs fell 1.5 percent, outpacing the 1.2 percent drop in the broader BNY Mellon index of leading American depositary receipts. The S&P 500 fell 0.6 percent.

European banks were among the hardest hit as the group is closely tied to the economic growth outlook. Deutsche Bank fell 2.9 percent to $49.04 while HSBC Holding Plc fell 1.4 percent to $55.17.

The BNY Mellon index of leading Asian ADRs fell 0.8 percent. Shares in Shanghai fell 0.7 percent, ending an eight-day winning streak.

Sony Corp was among the most active Asian ADRs, dropping 4 percent after giving an outlook that forecast weaker demand for its televisions, game consoles and other devices.

On the upside, NetEase Inc climbed 7.9 percent to $49.23 after its fourth-quarter results.

The BNY Mellon index of leading Latin American ADRs lost 0.7 percent, weighed down by a 1.3 percent drop in Petrobras to $16.29.

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