ADR Report-Fear of deepening global recession hurts ADRs

Mon Jan 12, 2009 8:52pm GMT
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NEW YORK, Jan 12 (Reuters) - Overseas shares traded in the United States slid on Monday as fears of a deepening recession hit stocks across the board.

A report that China could have suspended planned copper purchases sent the metal price down by 6 percent, hitting miners, while a more than 7 percent slide in NYMEX oil futures CLc1 ignited a sell-off in energy companies.

The Bank of New York Mellon's index of leading American Depositary Receipts (ADRs) fell 3.1 percent, while the 30-share Dow Jones industrial average .DJI lost 1.9 percent.

New York traded shares of Brazilian miner Vale RIO.N slid 8.1 percent to $12.75, while Luxembourg-based ArcelorMittal (MT.N: Quote, Profile, Research) fell 7.2 percent to $25.08.

The Bank of New York Mellon's index of leading European ADRs fell 2.9 percent and the FTSEurofirst 300 index of top European shares lost 1.6 percent, hurt by energy companies and the auto industry.

ADRs of Eni SpA (E.N: Quote, Profile, Research) fell 2.5 percent to $45.71.

The Bank of New York Mellon's index of leading Asian ADRs was down 3.2 percent. The MSCI index of Asia-Pacific shares outside of Japan .MIAPJ0000PUS fell 3.2 percent.

New York traded shares of PetroChina (PTR.N: Quote, Profile, Research) were off 5.6 percent at $84.41 and China Petroleum (SNP.N: Quote, Profile, Research) lost 5.1 percent to $57.07.

The Latin American ADR index moved down 5.6 percent weighed down by Brazilian energy company Petrobras (PBR.N: Quote, Profile, Research) down 8.8 percent to $24.58.

Regional benchmarks were hit as Brazil's Bovespa .BVSP lost 5.2 percent, Argentina's Merval was down 4.4 percent and Mexico's IPC .MXX fell 3 percent. (Reporting by Rodrigo Campos; Editing by Leslie Adler)

 
 
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