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ADR REPORT-Banks, miners fall on Cyprus and China concerns
March 19, 2013 / 5:35 PM / 5 years ago

ADR REPORT-Banks, miners fall on Cyprus and China concerns

NEW YORK, March 19 (Reuters) - U.S.-listed shares of foreign companies declined on Tuesday amid continued uncertainty over the fiscal stability of Cyprus, while mining-related stocks fell on concern about weakening demand.

At a vote Tuesday, the Cyprus parliament was expected to reject a proposed 10-billion-euro ($12.89 billion) rescue package, the first of euro zone bailout plans to include a tax on bank deposits, in a bid to avoid a default that would shake the euro zone.

Bank shares slumped for a second straight day on the developments in Cyprus, with Deutsche Bank down 3.8 percent at $41.40, Barclays PLC off 2.4 percent at $18.01, and Credit Suisse down 2.6 percent at $26.89.

The BNY Mellon index of leading American depositary receipts fell 0.5 percent, while the Standard & Poor’s 500 index declined 0.6 percent.

The BNY Mellon index of leading European ADRs dipped 0.4 percent, while the FTSEurofirst 300 index of top shares closed down 0.4 percent.

Mining shares also retreated after Rio Tinto

cautioned that China could no longer be relied upon for unchecked opportunity, which could result in volatile markets and lower prices as the world’s second-largest economy slows its steel production.

Separately, Goldman Sachs added Rio Tinto to its “conviction sell” list while also lowering its rating on BHP to “neutral.”

Rio Tinto shares dropped 5 percent to $46.83 and BHP lost 2.9 percent to $69.93 in New York trading.

Luxembourg-based ArcelorMittal , the world’s largest steelmaker dipped 3.6 percent to $13.78.

Brazil’s Vale SA , the world’s biggest iron ore miner, declined 2.7 percent to $16.97.

The BNY Mellon index of leading Asian ADRs slipped 0.7 percent and the BNY Mellon index of leading Latin American ADRs lost 1 percent.

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