ADR Report-ADRs hurt by lower oil price, recovery worries

Fri Jul 10, 2009 7:38pm BST
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NEW YORK, July 10 (Reuters) - Overseas shares traded in the United States fell on Friday as energy shares dropped alongside oil prices and data showing a drop in U.S. consumer confidence underscored worries about the potential strength of a recovery.

Shares of energy companies declined as the price of oil CLc1 fell below $60 a barrel, putting it on track for the biggest weekly fall since January as investors searched for safer havens.

New York-traded shares of Petrochina (PTR.N: Quote, Profile, Research) were down 2 percent at $102.12, while France's Total S.A. (TOT.N: Quote, Profile, Research) lost 2 percent to $50.19.

In the auto sector, Nissan Motors NSANY.O fell 1.2 percent to $11.41 after its chief executive, Carlos Ghosn, said he expects 2010 to be as difficult as 2009 as the slump in the global auto industry continues. For details, see [ID:nLA372224]

ADRs of automakers were mostly lower overall as a new General Motors GMGMQ.PK emerged from bankruptcy protection, far more quickly than most industry watchers had expected. [ID:nN10500543]

Shares of Swiss bank UBS (UBS.N: Quote, Profile, Research) fell 1.5 percent to $11.76 ahead of a high-stakes trial in the United States next week that could force the bank to reveal secret client data. [ID:nLA315492]

The Bank of New York Mellon index of leading American Depositary Receipts (ADRs) was down 1.2 percent while the U.S. benchmark S&P 500 index .SPX fell 0.5 percent.

U.S. stocks were pressured by worries about anemic corporate and economic growth after an earnings warning from Chevron (CVX.N: Quote, Profile, Research), while data showed consumer sentiment fell in early July to its weakest level since March.

The Bank of New York Mellon index of leading Asian ADRs fell 0.9 percent. In Asia, shares in Hong Kong and China were kept in check by worries about the global economy, while Japan's Nikkei dipped slightly for its eighth straight day of declines.  Continued...

 
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