ADR Report-European companies lead foreign stocks higher
NEW YORK, May 12 (Reuters) - Overseas shares traded in the United States rose on Tuesday led by European companies as data suggested Britain may have seen the worst of its recession and the euro strengthened against the U.S. dollar.
The greenback also hit a four-month low against a basket of currencies as safe-haven demand diminished, also lifting prices of foreign shares.
Shares of energy companies rose as crude oil futures CLc1 climbed above $60 per barrel, before settling up 0.6 percent at $58.85, a six-month high.
New York-traded shares of energy behemoth British Petroleum (BP.N: Quote, Profile, Research) rose 2 percent to $47.94 while Italy's Eni SpA (E.N: Quote, Profile, Research) gained 3.7 percent to $47.35.
The Bank of New York Mellon's index of leading American Depositary Receipts (ADRs) rose 0.7 percent while the U.S. benchmark S&P 500 index .SPX fell 0.1 percent.
The Bank of New York Mellon's index of leading European ADRs rose 1.2 percent despite a 0.2 percent fall in the FTSEurofirst 300 index of top shares.
The telecommunications sector gave a big boost to European ADRs as Vodafone VOD.N, Telefonica (TEF.N: Quote, Profile, Research), Deutsche Telekom (DT.N: Quote, Profile, Research) and France Telecom (FTE.N: Quote, Profile, Research) all posted gains between 3.3 percent and 5.2 percent.
The Bank of New York Mellon's index of leading Asian ADRs rose less than 0.1 percent. Overnight in Asia, shares gained in Shanghai and Hong Kong but retreated in other major markets. The MSCI index of Asian shares outside Japan .MIAPJ0000PUS fell 0.7 percent. Continued...
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