ADR REPORT-Foreign shares gain on banks, but lower on week
NEW YORK |
NEW YORK Feb 8 (Reuters) - U.S.-listed shares of foreign companies rose on Friday, lifted by strength in financial and mining shares, though the group remained sharply lower on the week.
American Depositary Receipts (ADRs) have been under pressure this week, with investors worrying about the growth outlook in Europe. Political tensions and concerns over the region's debt crisis have spurred investors to take profits in European shares, which fell to 2012 closing lows on Thursday.
The BNY Mellon index of leading American depositary receipts rose 0.6 percent, though it is down 2 percent on the week, its worst weekly performance since September. The S&P 500 rose 0.5 percent.
European ADRs, which are down 2.6 percent on the week, led the gains on Friday with a 0.7 percent rise. The pan-European FTSEurofirst 300 index rose 0.6 percent, with mining stocks and banking shares leading the way higher.
Data showed Chinese exports grew 25 percent in January, more than forecast, while imports climbed 28.8 percent, highlighting robust domestic demand. The new signs of growth in China boosted mining stocks and financial shares, which are sensitive to the health of the global economy.
Barclays Plc rose 2.3 percent to $18.84 while HSBC Holding was up 2.6 percent to $56.75. Rio Tinto rose 0.7 percent to $57.68.
The BNY Mellon index of leading Asian ADRs rose 0.4 percent. Shares in Shanghai rose 0.6 percent, nearing multi-month highs. Among Asian ADRs, Korea's Woori Finance rose 2.5 percent to $34.28.
The BNY Mellon index of leading Latin American ADRs was flat, weighed down by a 0.7 percent drop in Petrobras , which fell to $16.18. Petrobras fell 13 percent for the week, its worst week since August.
On Tuesday, Petrobras reported weak results and announced a cut in its dividend.
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