May 16, 2013 / 5:45 PM / in 5 years

ADR REPORT-ADRs slip, led by drop in Japanese banks

NEW YORK, May 16 (Reuters) - U.S.-listed shares of overseas companies slipped on Thursday, led by a more than 1 percent fall in Asian ADRs as Japanese banks dropped after weak earnings outlooks.

Shares of Japan’s Mitsubishi UFJ Financial fell 6.3 percent to $6.82 in New York, while shares of Mizuho Financial Group were down 5.8 percent at $4.25.

Mitsubishi and Mizuho as well as Sumitomo Mitsui Financial Group Inc, Japan’s top banks, forecast weaker annual earnings. Aggressive monetary easing is expected to reduce money from government bond trading.

Chinese ADRs were also among the day’s top decliners, including shares of PetroChina, down 1.6 percent at $126.63, and shares of China Mobile Limited, down 1.6 percent at $55.01.

Greek ADRs, however, climbed sharply, including the National Bank of Greece, which jumped 23.7 percent to $2.09 after Fitch Ratings upgraded the bank along with other Greek banks. Earlier in the week, Fitch upgraded its sovereign credit rating for Greece by one notch.

Also, shares of Lloyds Banking Group rose 2.5 percent to $3.73 and shares of Royal Bank of Scotland gained 3.9 percent to $9.77.

The BNY Mellon index of leading Asian American depositary receipts was down 1.5 percent, while the BNY Mellon index of leading ADRs was down 0.5 percent. The benchmark Nikkei .N225 dropped 0.4 percent to 15,037.24 points.

The BNY Mellon index of leading European ADRs was down 0.1 percent, while the FTSEurofirst 300 index of top shares closed down 0.02 percent.

The BNY Mellon index of leading Latin American ADRs was down 0.1 percent.

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