ADRs fall as markets brace for U.S. recession

By Rodrigo Campos

NEW YORK, March 7 (Reuters) - Overseas shares traded in the United States were lower on Friday as the world's largest economy reported monthly job losses at the steepest rate in nearly five years, playing into an ongoing fear of recession.

The Bank of New York's index of leading American Depositary Receipts .BKADR was down 1.2 percent while the 30-share Dow Jones industrial average .DJI fell 1.1 percent.

Company's reports also weighed, with U.S.-traded shares of Paris-based Veolia Environnement (VE.N) plunged 11.8 percent to $75.15 on the New York Stock Exchange, as the world's biggest listed water supplier missed analysts' forecasts. For details see [ID:nL07164097].

Beijing-based energy and chemicals company Sinopec Corp's ADRs (SNP.N) traded 4.9 percent lower at $96.24 on the NYSE.

The Bank of New York's index of leading European ADRs .BKEUR was down 0.9 percent, while the FTSEurofirst 300 .FTEU3 index of top European shares closed down 1.1 percent, its worst in six weeks.

U.S.-listed shares of Telecom Italia (TI.N) lost 7.8 percent to $22.17 on the NYSE as its sales outlook and expansion plans stoked fears over the company's costly debt. [ID:nL07653518].

The Bank of New York's index of leading Asian ADRs .BKAS was down 1.8 percent, as U.S. recession fears hit stocks in Asia overnight. In Tokyo, the benchmark Nikkei average .N225 ended down 3.3 percent on Friday, and 6 percent for the week.

ADRs of electronic components maker TDK Corp TDK.N tumbled 6.1 percent to $63.08 on the NYSE.

Receipts with the Bank of New York's index of leading Latin American ADRs .BKLA fell 1.1 percent. In Latin America, major benchmarks were mixed as the Bovespa index .BVSP of the Sao Paulo Stock Exchange slumped 1.5 percent, adding to a 2.6 percent drop on Thursday, while the Mexican benchmark IPC stock index .MXX was off 0.1 percent at 28,680.25. (Editing by James Dalgleish)