ADR REPORT-Energy, metals lead rally in foreign shares
NEW YORK, July 3 |
NEW YORK, July 3 (Reuters) - U.S.-listed shares of foreign companies rose for a third day in a shortened session on Tuesday as expectations grew that central banks will move to jump-start a stalling economic recovery.
Bets on further monetary easing helped lift the euro against the U.S. dollar, giving support to copper and other metals. An index of commodity prices jumped 3 percent.
Oil prices also jumped, boosting shares of energy sector companies.
U.S.-traded shares of steelmaker ArcelorMittal gained 4.2 percent, further boosted by an upgrade from broker Kepler, which raised its recommendation to "hold" from "reduce" even as it cut its price target on the shares.
The BNY Mellon index of leading American depositary receipts rose 1 percent, while the Standard & Poor's 500 index added 0.6 percent.
The BNY Mellon index of leading European ADRs added 0.65, while the FTSEurofirst 300 index of top shares closed up 1 percent at a two-month high.
ADRs of French energy giant Total rose 2.3 percent to $46.54 and Italian oil major Eni SpA gained 2.7 percent to $44.26.
The BNY Mellon index of leading Asian ADRs rose 1.5 percent boosted by a 1.8 percent advance in ADRs of Chinese companies.
Yanzhou Coal Mining rallied 6.3 percent to $16.07.
The BNY Mellon index of leading Latin American ADRs gained 1.5 percent with a boost from Brazil's Petrobras, which rose 3.1 percent to $19.67. (Reporting by Rodrigo Campos, editing by Dave Zimmerman)
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