| NEW YORK
NEW YORK Feb 6 U.S.-listed shares of foreign
companies fell on Wednesday, as investors continued to worry
about political tensions in Europe.
While global stocks have been strong performers recently,
they slumped earlier this week on signs the euro zone's debt
crisis may return to the forefront.
On Wednesday, France and Germany showed signs of
disagreement over the euro exchange rate, whose recent strength
threatens corporate profits and a nascent economic recovery in
France said it would raise concerns about the euro at a
finance ministers' meeting next Monday, but expectations of any
action cooled after the spokesman for German Chancellor Angela
Merkel said the currency is not overvalued.
The apparent disagreement added to concerns about the
region's stability, following uncertainty over the outcome of
elections in Italy and a corruption scandal in Spain.
The BNY Mellon index of leading European ADRs fell
0.3 percent, outpacing the 0.2 percent drop in the broader BNY
Mellon index of leading American depositary receipts,
which was down 0.2 percent. The S&P 500 was flat,
rising less than 0.1 percent.
European banks were among the hardest hit by concerns over
instability in the region. Deutsche Bank fell 1.5 percent
to $50.38 while Governor and Company of The Bank of Ireland
was off 1.7 percent at $8.34.
The BNY Mellon index of leading Asian ADRs gained
0.3 percent. Shares in Hong Kong rose 0.5 percent, lifted
by defensive shares in a sign that investors remain cautious
after a recent drop to a one-month low.
Asian shares were also lifted by strength in solar power
companies following a bullish note from Citigroup, which started
several firms in the group with a "buy" rating. ReneSola
rose 1.9 percent to $2.15 while Yingli Green Energy rose
1.9 percent to $3.23.
The BNY Mellon index of leading Latin American ADRs
lost 0.5 percent, weighed down by a 1 percent drop in Petrobras
Among the most active ADRs, Irish drugmaker Elan
sank 8.7 percent to $9.55 after the company said it would raise
more than $3.25 billion by selling its interests in Biogen Idec
and spend that money on acquisitions.
Canada's Suncor Energy Inc fell 5.6 percent to $32.61
after the company swung to a fourth-quarter loss.