ADR Report: ADRs Fall On China, Euro-Zone Macro Worries
March 22 2012 - 5:11PM
Dow Jones News
Shares of international companies trading in New York declined
Thursday, after renewed worries about China growth and weak data in
the euro zone weighed on markets around the world.
The Bank of New York Index of ADRs fell 0.9% to 130.45. A
preliminary purchasing managers index for China, the world's
second-largest economy, fell to a four-month low in March to 48.1,
with numbers below 50 representing a contraction. A separate
purchasing managers index for the euro zone reinforced the negative
mood, as that preliminary index also indicated further retraction
in March from the prior month.
The European index fell 1% to 119.87. European bank ADRs dropped
sharply, mirroring their performance in markets in home countries.
ING Groep NV (ING, INGA.AE) was down 3% at $8.70, Allied Irish
Banks PLC (AIBYY, ALBK.DB) fell 4.5% to $1.27, Barclays PLC (BCS,
BARC.L) declined 2.8% to $15.16 and Deutsche Bank AG (DB, DBK.XE)
was down 1.4% to $50.19.
Spanish and Italian ADRs also suffered from concerns about
Spain's fiscal outlook and the wider euro-zone economic data.
Spanish oil major Repsol YPF SA (REPYY, REP.MC) was down 3.8% at
$25.74, and Italian designer eyewear company Luxottica Group SpA
(LUX, LUX.MI) fell 2.4% to $35.18. Spain and Italy are two of the
euro-zone countries most troubled by debt.
The Asian index fell 0.5% to 128.72. The manufacturing data hurt
Chinese resource firms, with Aluminum Corp. of China Ltd. (2600.HK)
down 3.2% at $11.97. ADRs in gaming company The9 Ltd. (NCTY) were
down 5% at $7.01 after third-quarter results.
Offsetting those declines was Huaneng Power (0902.HK),
rebounding after a tumble the prior day following an earnings miss.
The rebound was likely spurred by management comments that the
power provider swung to a net profit in January and February this
year.
But the Latin American index posted the deepest decline of all
regions, sliding 1.3% to 368.78. ADRs of Brazil state-run oil
producer Petroleo Brasileiro SA (PBR) fell 2% to $26.67, as crude
futures also suffered from France energy minister comments that the
country and other industrialized nations are considering tapping
strategic oil reserves to fight higher oil prices.
-By Joan E. Solsman, Dow Jones Newswires; 212-416-2291;
joan.solsman@dowjones.com
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