ADR Report-Foreign stocks tumble hurt by U.S. retail data

Wed May 13, 2009 11:54pm BST
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By Rodrigo Campos

NEW YORK, May 13 (Reuters) - Overseas shares traded in the United States tumbled on Wednesday as weak U.S. retail sales data darkened sentiment, after a recent run of upbeat indicators had signaled a brighter economic outlook.

Banks' ADRs ranked among the top decliners as investors took some profits from the sector that drove the recent rally in global stocks.

New York-traded shares of Spain's Banco Santander (STD.N: Quote, Profile, Research), Credit Suisse (CS.N: Quote, Profile, Research), India's ICICI Bank (IBN.N: Quote, Profile, Research) and Bancolombia (CIB.N: Quote, Profile, Research) fell between 6 percent and 6.9 percent.

Global miner Rio Tinto (RTP.N: Quote, Profile, Research) lost 9.2 percent to $150.92 on speculation the company is set to launch a rights issue.

And a 1.4 percent drop in U.S. crude oil futures CLc1 hit New York-traded shares of energy companies like Brazil's Petrobras (PBR.N: Quote, Profile, Research), down 4.6 percent at $37.35.

The Bank of New York Mellon's index of leading American Depositary Receipts (ADRs) slid 3.7 percent while the U.S. benchmark S&P 500 index .SPX fell 2.7 percent. The blue-chip Dow Jones industrial average .DJI lost 2.2 percent.

The Bank of New York Mellon's index of leading Asian ADRs lost 3.3 percent. Overnight in Asia, shares ended higher in most major markets except Hong Kong, and the Shanghai Composite Index .SSEC gained 1.7 percent to close at a nine-month high.

Regional drags included cell phone carrier China Mobile (CHL.N: Quote, Profile, Research), down 3.8 percent at $46.74, and the world's biggest carmaker, Toyota Motor Corp (TM.N: Quote, Profile, Research), down 4.6 percent at $73.54.  Continued...

 
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