May 7, 2013 / 7:02 PM / 5 years ago

ADR REPORT-German data, banks lift ADRs

NEW YORK, May 7 (Reuters) - U.S.-listed shares of foreign companies rose on Tuesday as data in Germany boosted optimism the top economy in the euro zone has returned to growth.

Industrial orders in Germany rose 2.2 percent in March from the prior month, the same as an upwardly revised increase reported in February and were well above expectations calling for a 0.5 percent drop.

The BNY Mellon index of leading American depositary receipts gained 0.54 percent, while the Standard & Poor’s 500 index advanced 0.48 percent.

European banking ADRs also moved higher after HSBC reported first-quarter earnings nearly doubled, due to the bank’s three-year efficiency drive and a halving in bad debts charges.

HSBC shares rose 2.2 percent to $57.04 while Credit Suisse climbed 2.6 percent to $29.53. Germany’s Deutsche Bank rose 1.4 percent to $48.70.

The BNY Mellon index of leading European ADRs added 0.49 percent, while the FTSEurofirst 300 index of top shares closed up 0.27 percent

The BNY Mellon index of leading Asian ADRs gained 0.33 percent.

The BNY Mellon index of leading Latin American ADRs jumped 1.6 percent, but Brazil’s Gerdau SA slipped 1.7 percent to $7.60 as the largest steelmaker in the Americas posted results that slightly beat first-quarter expectations but output fell on an annual basis.

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