ADR Report-Foreign stocks flat as Asia, LatAm offset Europe

Tue Jun 2, 2009 10:52pm BST
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By Rodrigo Campos

NEW YORK, June 2 (Reuters) - Overseas shares traded in the United States barely budged on Tuesday as upbeat U.S. data boosted European stocks, but gains were offset by declines in shares of Asian and Latin American companies.

European shares were underpinned by data showing an index of pending sales of previously owned U.S. homes leaped 6.7 percent in April, the biggest monthly gain in 7-1/2 years, seen as further confirmation that the U.S. recession was easing.

But New York-traded shares of Asian bellwether China Mobile (CHL.N: Quote, Profile, Research) fell 3 percent, pressured by toughening competition, and the ADRs of Brazilian company Petrobras (PBR.N: Quote, Profile, Research) slid 1.6 percent.

The Bank of New York Mellon's index of leading American Depositary Receipts (ADRs) rose less than 0.1 percent to a fresh 8-month high, while the Dow Jones industrial average .DJI ended up 0.2 percent. The S&P 500 index .SPX also edged up 0.2 percent for the day.

The Bank of New York Mellon's index of leading European ADRs gained 0.45 percent, while in Europe, the FTSEurofirst 300 index of top shares ended down just 0.04 percent.

Among the session's top ADR gainers were Wall Street-traded shares of Britain's Vodafone Group plc VOD.N, up 2.4 percent at $19.73.

But New York-listed shares of London-based Barclays plc (BCS.N: Quote, Profile, Research) sank 10.7 percent to $18.31 after Abu Dhabi sold more than 11 percent of the embattled bank. [ID:nL2185843]

The Bank of New York Mellon's index of leading Asian ADRs fell 0.5 percent.  Continued...

 
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