ADR Report-Foreign stocks in U.S. jump on G20 optimism

Thu Apr 2, 2009 10:36pm BST
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By Rodrigo Campos

NEW YORK, April 2 (Reuters) - Overseas shares traded in the United States surged on Thursday to their best close in two months on hopes a deal struck at the G20 summit will help the global economy recover.

Foreign financial stocks also got a boost after a U.S. regulator relaxed an accounting rule that has forced banks to write down billions of dollars in assets. New York-traded shares of Japanese brokerage Nomura Holdings (NMR.N: Quote, Profile, Research) jumped 9 percent to $5.81 and British bank HSBC Holdings (HBC.N: Quote, Profile, Research) soared 12.3 percent to $33.13.

Global stocks gained ground after world leaders at the G20 summit in London agreed to pump an additional $1 trillion into the ailing global economy through extra funding for groups like the International Monetary Fund. For details see [ID:nL1230573].

The Bank of New York Mellon's index of leading American Depositary Receipts (ADRs) surged 4.7 percent while the U.S. benchmark S&P 500 .SPX gained 2.9 percent.

The Bank of New York Mellon's index of leading Asian ADRs shot up 5.5 percent. Overnight in Asia shares closed at multi-month highs in major markets including Shanghai, which hit its highest level in seven months.

ADRs of PetroChina (PTR.N: Quote, Profile, Research) soared 6.1 percent to $85.88, as New York crude oil futures CLc1 settled up 8.8 percent at $52.64 per barrel.

The Bank of New York Mellon's index of leading European ADRs rose 4.4 percent. The FTSEurofirst 300 index of top European shares closed 4.9 percent higher, lifted by banks and automakers.

ADRs of Stuttgart-based carmaker Daimler AG (DAI.N: Quote, Profile, Research) rallied 14 percent to $29.73.  Continued...

 
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