ADR Report-ADRs edge higher after China data, Fed comments

By Chuck Mikolajczak

NEW YORK, Nov 11 (Reuters) - Overseas shares traded in the United States were slightly higher on Wednesday after a boost in Chinese factory growth and after comments from U.S. Federal Reserve officials suggested interest rates would remain low into 2010.

Factory output in China jumped to a 19-month high in October, hinting that the worst of the global economic crisis was behind the world's third-largest economy. For details, see [ID:nPEK212006]

U.S. Fed top officials said in a series of speeches that high unemployment and reluctant consumers would likely make an economic recovery in the U.S. weak and erratic, strengthening the view that economic stimulus will remain in place. [ID:nN10315173]

The Bank of New York Mellon index of leading American Depositary Receipts (ADRs) .BKADR added 0.2 percent while the U.S. benchmark S&P 500 index .SPX gained 0.5 percent.

The Bank of New York Mellon index of leading Asian ADRs .BKAS rose 1 percent. In Asia, stocks rose for a fourth straight day after the spike in Chinese factory output while the U.S. dollar hovered near a 15-month low. [ID:nLB90463]

Shares of SMIC (SMI.N) ,China's largest contract chipmaker, surged 54.6 percent to $3.74 after the company settled a lawsuit and replaced its CEO, potentially paving the way for future growth. The shares had been halted since last Wednesday. [ID:nHKG332664]

China Digital TV Holding Co (STV.N) tumbled 11.5 percent to $6.24 after posting third-quarter earnings that missed wall Street expectations.

The Bank of New York Mellon index of leading European ADRs .BKEUR shed 0.2 percent. In Europe, the FTSEurofirst 300 .FTEU3 index of top shares rose 0.3 percent to hit a three-week closing high, lifted by financials and miners as investors' appetite for risk grew in the wake of China's factory output data. [ID:nLB261589]

Receipts with the Bank of New York Mellon index of leading Latin American ADRs .BKLA were edged up 0.1 percent. (Reporting by Chuck Mikolajczak; Editing by Leslie Adler)