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ADR REPORT-LatAm shares fall, leading ADRs' declines
NEW YORK |
NEW YORK Nov 27 (Reuters) - U.S.-listed shares of overseas companies declined on Tuesday, led by the losses of Latin American ADRs as remarks about whether the United States can avoid the "fiscal cliff" increased investors' anxiety.
Among top Latin American decliners were the New York-listed shares of Brazilian oil company Petrobras, down 2.7 percent at $18.13, and shares of Brazilian miner Vale, down 2 percent at $17.30.
The BNY Mellon index of leading Latin American ADRs fell 1.4 percent, outrunning losses in the BNY Mellon index of leading American depositary receipts, which ended down 0.7 percent, and the Standard & Poor's 500 index , which slipped 0.5 percent.
Late in the U.S. session, U.S. Senate Majority Leader Harry Reid expressed disappointment that there has been "little progress" in dealing with the fiscal cliff. If Congress and the White House can't agree on a compromise on taxes and spending, then an estimated $600 billion in mandatory tax increases and spending cuts will go into effect early next year. The fear is that this event - known as the fiscal cliff - could push the U.S. economy into a recession.
Among Japanese ADRs, top exporters were among the biggest losers, including Honda Motor Co., down 1.9 percent at $32.89, and Toyota Motor Corp., down 1.7 percent at $85.24.
The BNY Mellon index of leading Asian ADRs fell 0.7 percent.
Canada-based BlackBerry maker Research In Motion Ltd slid 10.5 percent to $10.72. A research firm said RIM's market share had fallen further in all but one of the markets the firm surveyed.
The BNY Mellon index of leading European ADRs dropped 0.6 percent.
In contrast, the FTSEurofirst 300 index of top shares rose 0.3 percent to close at 1,107.65, following an agreement by international landers to cut Greece's debt.
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