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ADR Report-Banks, Japanese firms lead foreign stocks lower
February 8, 2010 / 7:36 PM / 8 years ago

ADR Report-Banks, Japanese firms lead foreign stocks lower

NEW YORK, Feb 8 (Reuters) - Overseas shares traded in the United States fell on Monday as financial stocks were hit by worries over euro zone debt and G7 discussion of a bank tax.

European banks were among the top decliners, with New York traded shares of Lloyds Banking Group (LYG.N) down 6 percent at $2.96, while Credit Suisse (CS.N) and Deutsche Bank (DB.N) both fell nearly 2 percent.

The idea of a global tax on banks to recapture bailout costs gained ground over the weekend at a Group of Seven meeting, rekindling investor worries about possible pressure on bank profits. For details see [ID:nN06163094].

Greek banks got pummeled as mounting concerns on Greece’s fiscal health and possible contagion throughout southern Europe. Wall Street-traded shares of the National Bank of Greece NBG.N fell 9.6 percent to $3.56.

The Bank of New York Mellon index of leading American Depositary Receipts (ADRs) .BKADR fell 0.6 percent while the U.S. benchmark S&P 500 index .SPX lost 0.2 percent.

Overnight in Tokyo the Nikkei .N225 fell to its lowest level in two months and a 1.2 percent drop in the Japanese ADR index .BKJP weighed on the Asian benchmark .BKAS.

Large Japanese exporters were among the worst hit as the yen strengthened overnight against the U.S. dollar and anxiety over euro zone debt problems dented investor confidence. The Japanese currency pared gains on Monday.

ADRs of Panasonic Corp PC.N tumbled 4.9 percent to $14.74 and Sony Corp (SNE.N) dropped 3.3 percent to $33.14.

Receipts with the Bank of New York Mellon index of leading Latin American ADRs .BKLA shed 0.4 percent with energy company and regional bellwether Petrobras (PBR.N) turning negative as oil prices shed gains.

Petrobras fell 0.2 percent to $38.69 after trading as high as $39.52.

The Bank of New York Mellon index of leading European ADRs .BKEUR dropped 0.7 percent.

SAP AG ADRs (SAP.N) tumbled 5.3 percent to $43.54 after the abrupt departure of the CEO of the world’s top business software firm. [ID:nLDE6170XB]

Editing by Andrew Hay

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