ADR REPORT-US jobs data boosts ADRs; banks strong
NEW YORK |
NEW YORK Feb 3 (Reuters) - U.S.-listed shares of overseas companies rose more than 1 percent on Friday as stronger-than-expected U.S. jobs data lifted hopes for a strengthening economy and gave an extra boost to bank ADRs.
Financials, the worst-performing sector on the U.S. S&P 500 last year, are among stock groups whose profits benefit from economic improvement.
Among U.S.-listed overseas bank shares, HSBC rose 2.7 percent to $44.34 in New York while Barclays jumped 4.7 percent to $15.10. Shares of Brazil's Banco Bradesco climbed 1.6 percent to $18.59 and shares of Credit Suisse gained 2.9 percent to $29.96.
Government data showed the United States added jobs at the fastest pace in nine months in January and the jobless rate fell to 8.3 percent - the lowest since February 2009 - from 8.5 percent in December.
The jobs report also boosted shares of some Latin American commodity-related companies, as well as Mexican telecommunications company America Movil, up 3.5 percent at $24.58, and cement producer Cemex, up 4.3 percent at $8.20. Shares of Brazilian miner Vale were up 1.2 percent at $26.61.
Shares of top Japanese exporter Sony jumped 12.4 percent to $19.21, while shares of Panasonic Corp were up 3.2 percent at $8.11. Traders in Japan said investors were hoping Sony's new CEO would turn things around after the company forecast a $2.9 billion annual loss.
The BNY Mellon index of leading American Depositary Receipts rose 1.4 percent, while the Standard & Poor's 500 index climbed 1.5 percent.
The BNY Mellon index of leading European ADRs was up 1.6 percent.
The BNY Mellon index of leading Asian ADRs was up 1.2 percent and the BNY Mellon index of leading Latin American ADRs was up 1 percent. (Reporting By Caroline Valetkevitch; Editing by Leslie Adler)
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