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ADR REPORT-ADRs rebound after 3-day drop; Fed on tap
March 20, 2013 / 4:52 PM / 5 years ago

ADR REPORT-ADRs rebound after 3-day drop; Fed on tap

NEW YORK, March 20 (Reuters) - U.S.-listed shares of foreign companies advanced on Wednesday, rebounding after three straight declines despite the rejection of a bailout plan by the Cyprus parliament and ahead of a policy statement from the U.S. Federal Reserve.

Cyprus is seeking help in the form of a new loan from Russia as the island nation seeks to avoid a financial collapse after the parliament’s rejection of a European Union bailout.

Confidence that a deal will be worked out helped lift the euro, while the dollar shed 0.4 percent against a basket of major currencies. A decline in the dollar helps boost demand for ADRs as they become cheaper to purchase.

In addition, the Federal Reserve appeared set to sustain its $85 billion monthly bond-buying stimulus despite improving U.S. economic data.

The BNY Mellon index of leading American depositary receipts gained 0.59 percent, while the Standard & Poor’s 500 index rose 0.55 percent.

European banks edged higher on Wednesday after declines suffered from the Cyprus flare-up in the prior two sessions, with Credit Suisse up 0.2 percent to $27.15 and Deutsche Bank up 1.1 percent to $42.14 in New York trade.

The BNY Mellon index of leading European ADRs advanced 0.63 percent, while the FTSEurofirst 300 index of top shares closed up 0.35 percent

The BNY Mellon index of leading Asian ADRs climbed 0.66 percent and the BNY Mellon index of leading Latin American ADRs advanced 0.19 percent.

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