ADR Report-U.S. data ignites rally in foreign stocks

Wed Apr 1, 2009 10:55pm BST
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By Rodrigo Campos

NEW YORK, April 1 (Reuters) - Overseas shares traded in the United States jumped on Wednesday as factory and home sales data in the U.S. gave hopes that the economic downturn may be easing.

Banks were again a top boost on bets an improvement in the economic outlook will boost financial activity. Wall Street-traded shares of Credit Suisse (CS.N: Quote, Profile, Research) rose 6 percent to $32.33, India's ICICI Bank (IBN.N: Quote, Profile, Research) added 8.1 percent to $14.36 and Bancolombia (CIB.N: Quote, Profile, Research) gained 4.6 percent to $20.37.

The Bank of New York Mellon's index of leading American Depositary Receipts (ADRs) jumped 3.2 percent while the U.S. benchmark S&P 500 index .SPX added 1.7 percent.

The Bank of New York Mellon's index of leading European ADRs rose 2.6 percent. The FTSEurofirst 300 index of top European shares closed 1.6 percent higher, led by banks.

Top European ADR gainers included British wireless communications provider Vodafone Group plc VOD.N, up 7.2 percent to $18.68 and Luxembourg-based metals producer ArcelorMittal (MT.N: Quote, Profile, Research), up 7.7 percent to $21.58.

The Bank of New York Mellon's index of leading Asian ADRs jumped 4.1 percent and the MSCI index of Asian shares outside Japan .MIAPJ0000PUS rose 0.8 percent.

Asian ADRs were boosted by China Petroleum (SNP.N: Quote, Profile, Research), up 5.1 percent to $67.45, and Japanese carmaker Toyota Motor Corp (TM.N: Quote, Profile, Research), up 7.3 percent to $67.90.

Receipts with the Bank of New York Mellon's index of leading Latin American ADRs rallied 4.5 percent. Major Latin American benchmarks rose tracking Wall Street, with Brazil's Bovespa .BVSP up 2.6 percent, Mexico's IPC .MXX up 1.3 percent and Argentina's Merval up 0.8 percent.

But the Argentine ADR index fell 2.1 percent, weighed down by Telecom Argentina (TEO.N: Quote, Profile, Research), down 5.6 percent to $7.32.

 
 
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