| NEW YORK
NEW YORK Nov 14 U.S.-listed shares of foreign
companies fell on Wednesday, weighed down amid economic concerns
caused by the looming "fiscal cliff" in the United States and
the euro zone's debt woes.
Macroeconomic issues remain at the core of investor focus,
primarily the series of large, mandated, U.S. tax hikes and
spending cuts that start to take effect next year which could
send the world's largest economy into a recession unless
legislators can reach an agreement.
The euro zone also remains problematic for investors, with
strikes across southern Europe on Wednesday in protest of
spending cuts and tax hikes used to combat the region's debt
The BNY Mellon index of leading American depositary receipts
was off 0.6 percent, on pace for its sixth straight
decline since U.S. elections, while the Standard & Poor's 500
index had lost 0.5 percent.
The BNY Mellon index of leading European ADRs shed
0.4 percent, while the FTSEurofirst 300 index of top
shares closed down 1 percent down at 1,088.43 points.
U.S.-listed shares of Panasonic Corp were down
2.1 percent at $4.74 after the Japanese electronics group's
finance chief said about a fifth of the company's 88 business
units are losing money and only half so far meet a target for at
least 5 percent operating margin.
Sony Corp stumbled 8.6 percent to stand at
$9.84 in early afternoon trade, after the company said it will
raise 150 billion yen ($1.9 billion) through a sale of
convertible bonds, a third of which will be used for investment
in Olympus Corp.
The BNY Mellon index of leading Asian ADRs was down
Economic data showed that economic activity in Brazil
contracted in September for the first time since March weighed
on commodity-related ADR's in Latin America.
Metals producer Vale slipped 0.6 percent
to $17.59 while oil and gas company Petrobras
lost 2.3 percent to $19.62.
The BNY Mellon index of leading Latin American ADRs
declined 1 percent.