ADR Report-Foreign stocks tumble on data, dollar weighs
NEW YORK, June 3 (Reuters) - Overseas shares traded in the United States suffered their worst percentage decline in three weeks on Wednesday as a batch of weak U.S. economic data revived worries about the global economic recovery.
New York-traded shares of foreign energy companies were among the hardest hit, as light crude futures settled 3.5 percent lower on a rise in inventories and a jump in the U.S. dollar, which depresses the value of commodities denominated in the greenback.
Shares of Brazilian energy company Petrobras (PBR.N: Quote, Profile, Research) plunged 6.5 percent to $41.97 and China's CNOOC Ltd (CEO.N: Quote, Profile, Research) shed 3.8 percent to $136.47.
The Bank of New York Mellon's index of leading American Depositary Receipts (ADRs) dropped 3.4 percent while the U.S. benchmark S&P 500 index .SPX fell 1.4 percent. It was the largest percentage decline for the index since May 13, when weak U.S. retail sales data sent stocks tumbling.
U.S. data on Wednesday showed the services sector contracted for an eighth straight month in May, while a separate report showed employers cut 532,000 private-sector jobs last month. For details see [ID:nN03129318] and [ID:nN03546607]
The data fell short of expectations and pointed to a slower revival in consumer and business spending, which are key for the economy's recovery.
The Bank of New York Mellon's index of leading Asian ADRs fell 2.7 percent. Overnight in Asia, shares closed mostly higher following upbeat U.S. economic data on Tuesday.
Top decliners included ADRs of Papua New Guinean miner Lihir Gold (LIHR.O: Quote, Profile, Research), down 6.8 percent to $25.38. Continued...
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