ADR Report-Foreign shares rise powered by Nokia on TXN outlook
NEW YORK, June 9 (Reuters) - Overseas shares traded in the United States rose on Tuesday led by European companies, as mobile phone maker Nokia (NOK.N: Quote, Profile, Research) shot up after chip maker Texas Instruments' (TXN.N: Quote, Profile, Research) revised its outlook.
Texas Instruments late on Monday raised its target for second-quarter earnings and revenue, and said mobile phone chips were selling better than initially expected. [ID:nN08327409]
New York-traded shares of Nokia rose 3.6 percent to $15.85.
The Bank of New York Mellon's index of leading American Depositary Receipts (ADRs) gained 0.85 percent while the U.S. benchmark S&P 500 index .SPX advanced 0.35 percent.
A broad fall in the U.S. dollar underpinned the rise in ADRs, as a weaker dollar increases interest in foreign shares priced in U.S. currency.
The Bank of New York Mellon's index of leading European ADRs added 1.1 percent. In Europe, the FTSEurofirst 300 index of top shares rose 0.5 percent boosted by Nokia and by energy companies, as crude futures settled above $70 per barrel for the first time in seven months.
Among European ADRs, banks posted some of the top gains, with Barclays Plc (BCS.N: Quote, Profile, Research) up 4.6 percent to $19.19 and Banco Santander (STD.N: Quote, Profile, Research) up 2.4 percent to $10.99.
The Bank of New York Mellon's index of leading Asian ADRs gained 0.45 percent. Overnight in Asia, shares fell in most major markets except Shanghai, where the SSE Composite .SSEC added 0.7 percent. Continued...
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