ADR Report-Oil, commodities lift foreign stocks in U.S.

Wed Jun 10, 2009 10:58pm BST
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By Rodrigo Campos

NEW YORK, June 10 (Reuters) - Overseas shares traded in the United States rose on Wednesday led by miners and energy companies as oil and copper prices hit near eight-month highs.

The U.S. dollar strengthened at the end of the session and cut copper HGN9 and light crude CLc1 gains, but both settled at their highest levels since October, lifted in part by positive economic data from China.

Shares of mining giant BHP Billiton (BHP.N: Quote, Profile, Research) gained 1.2 percent to $60.58 while Rio Tinto (RTP.N: Quote, Profile, Research) jumped 5.7 percent to $206.45. PetroChina Co Ltd (PTR.N: Quote, Profile, Research) rose 2.2 percent to $120.40.

The Bank of New York Mellon's index of leading American Depositary Receipts (ADRs) rose 0.5 percent while the U.S. benchmark S&P 500 index .SPX fell 0.4 percent.

British and Chinese companies helped lift the broad ADR index after reports that Chinese industrial production rose 8.9 percent in May, far more than expected, and British industrial output rose 0.3 percent in April, its first increase since February 2008.

The Chinese ADR index jumped 2.1 percent while British ADRs rose 0.6 percent.

The three major regional ADR indexes --Asia , Europe and Latin America -- posted gains, between 0.4 and 0.9 percent.

Top financial Japanese companies soared, with Nomura Holdings (NMR.N: Quote, Profile, Research) up 5.5 percent to $8.70 and Mizuho Financial Group (MFG.N: Quote, Profile, Research) up 6.3 percent to $5.38.

But the Japanese ADR index inched up only 0.2 percent, weighed by declines in manufacturers as data showed private-sector machinery orders unexpectedly slumped in April. (Editing by Leslie Adler)

 
 
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