June 24, 2011 / 5:05 PM / 8 years ago

ADR REPORT-European bank ADRs drop on Greece, Italy concerns

NEW YORK, June 24 (Reuters) - Shares of European banks traded in the United States slumped on Friday as investors continued to fret over Greece’s debt situation and new concerns about Italy added to the uncertainty.

Italian banks dropped on concerns about their capital positions and after a Moody’s downgrade threat on the group. Trading in UniCredit SpA (CRDI.MI) and Intesa Sanpaolo (ISP.MI) was briefly suspended.

Intesa Sanpaolo SpA (ISNPY.PK), the only Italian stock traded on U.S. exchanges, fell 6.3 percent to $14.50 on the pink sheets. For details, see [ID:nLDE75N0SC]

Greece remained in view as the country’s government faced an electorate vehemently opposed to austerity measures that must be passed in parliament next week to avert default, but progress is being made in persuading banks to take part in a second bailout. [ID:nLDE75N0CC]

Shares of the National Bank of Greece NBG.N fell 7 percent to $1.32 while Barclays Plc (BCS.N) dropped 3.7 percent to $15.35 and Deutsche Bank (DB.N) dropped 3.3 percent to $55.96. Credit Suisse (CS.N) lost 2 percent to $37.99.

The BNY Mellon index of leading European American Depositary Receipts .BKEUR fell 1 percent while Europe's FTSEurofirst 300 .FTEU3 index of top shares ended 0.1 percent lower, extending its losing run to eight weeks, the longest streak since 1998. The BNY Mellon index of leading ADRs fell 0.7 percent while the S&P was off 1 percent. [ID:nLDE75N0QI]

Asian stocks were higher, with the BNY Mellon index of leading Asian ADRs .BKAS up 0.6 percent. Shares in Asia advanced after comments from Chinese Premier Wen Jiabao fueled hopes that Beijing’s policy tightening was nearing an end.

China’s government has been tightening policy in order to curb rising inflation. China Finance Online (JRJC.O) rose 1.5 percent to $3.29 while Japan’s Mitsubishi UFJ Financial Group Inc MTU.N rose 1.1 percent to $4.60. [ID:nL3E7HO107]

In Latin America, shares were mixed given uncertainties related to Greece. The BNY Mellon index of leading Latin American ADRs .BKLA was 0.2 percent lower. (Reporting by Ryan Vlastelica; Editing by Leslie Adler)

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