ADR REPORT-European ADRs hit by HSBC regulatory problems
NEW YORK |
NEW YORK Nov 5 (Reuters) - U.S.-listed shares of European companies fell on Monday as mounting provisions at HSBC Holdings hit bank stocks while political doubts in Greece also dented investor sentiment.
A U.S. fine for violating federal anti-money laundering laws could cost HSBC significantly more than $1.5 billion and is likely to lead to criminal charges as well, HSBC, Europe's biggest bank, said on Monday. U.S.-listed shares of HSBC shed 0.8 percent to $49.52 as the bank's regulatory problems overshadowed higher underlying profits at the company.
The FTSEurofirst 300 index closed down 0.6 percent at 1,108.58 points while the euro zone's blue-chip Euro STOXX 50 index declined by 1.2 percent to 2,517.67 points.
Shares of other banks in the region were also pressured. U.S.-traded shares of Barclays PLC fell 0.7 percent to $15.20, and Deutsche Bank lost 0.5 percent to $45.23.
Traders said uncertainty over a Greek vote on labor reforms for the debt-ridden country was also impacting European stocks.
The BNY Mellon index of leading American depositary receipts ended flat, while the Standard & Poor's 500 index rose 0.2 percent.
The BNY Mellon index of leading European ADRs fell 0.3 percent. The BNY Mellon index of leading Asian ADRs rose 0.9 percent and the BNY Mellon index of leading Latin American ADRs ended little changed.
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