22/12/2014 21:16:59 Free Membership Login

ADR Report: Shares Lower As European Banks Weigh

Date : 04/13/2012 @ 5:08PM
Source : Dow Jones News
Stock : Infosys Limited American Depositary Shares (MM) (INFY)
Quote : 43.0  0.0 (0.00%) @ 5:14PM
Infosys Limited American Depositary Shares (MM) share price Chart

ADR Report: Shares Lower As European Banks Weigh

Infosys Limited American Depositary Shares (MM) (NASDAQ:INFY)
Historical Stock Chart

3 Years : From Dec 2011 to Dec 2014

Click Here for more Infosys Limited American Depositary Shares (MM) Charts.

International companies trading in New York closed sharply lower Friday, in line with the broader market, as Spain's banks increased their borrowing from the European Central Bank.

The Bank of New York index of ADRs lost 1.8% to 124.77 as European banks declined. The Bank of Spain said the country's banks nearly doubled their borrowing in March from the European Central Bank to 316.3 billion euros ($416.7 billion) compared with February, reawakening worries about their difficulties in borrowing through the wholesale market.

Spanish banks Banco Santander SA (STD, SAN.MC) fell 4.5% to $6.40, and Banco Bilbao Vizcaya Argentaria SA (BBVA, BBVA.MC) tumbled 4.1% to $6.85.

Other banks in the region also fell, with BNP Paribas SA (BNPQY, BNP.FR) closing off 6.3% at $19.80 and Societe Generale SA (SCGLY, GLE.FR) shedding 6.4% to $4.65.

The European index declined 2.1% to 113.20.

The European Commission Friday opened an in-depth investigation into the proposed creation of a joint venture in the U.K. between Vodafone Group PLC (VOD.LN, VOD, VODPF), Telefonica SA (TEF, TEF.MC) and Everything Everywhere in the field of mobile commerce. Everything Everywhere is a joint venture between France Telecom (FTE, FTE.FR) and Deutsche Telekom AG (DTE.XE, DTEGY).

Telefonica's shares shed 3.6% to $14.81, France Telecom traded down 3.1% to $13.32, and Deutsche Telekom ended 2.9% lower at $11.25.

The Asian index fell 1.3% to 125.81, and the emerging-markets index slipped 1.3% to 298.36.

China Southern Airlines Co. Ltd. (ZNH, K3TD.SG, 600029.SH, 1055.HK) said Friday it expects its first-quarter net profit to be down more than 50% from the same period a year earlier owing to higher fuel costs and the slowdown in domestic economic growth. Shares fell 4.2% to $22.53.

Infosys Ltd. (INFY, 500209.BY) posted a better-than-expected net profit for the January-March quarter, but the company's forecast that it may underperform the Indian outsourcing industry in revenue growth this fiscal year drove its shares down 13% to $49.15. Wipro Ltd. (WIT, 507685.BY) ended 7.2% lower at $9.99, on fears that Infosys's outlook means that the industry growth is under threat.

The Latin American index dropped 1.2% to 359.19.

Shares of Argentina's largest oil-and-gas company, YPF SA (YPF, YPFD.BA), were down in volatile trading early Friday as speculation about the company's future continued to drive the stock's vicissitudes. YPF's stock tumbled 4.3% to $21.95.

-By Corrie Driebusch, Dow Jones Newswires; 212-416-2143; corrie.driebusch@dowjones.com



Your Recent History
LSE
GKP
Gulf Keyst..
LSE
QPP
Quindell
FTSE
UKX
FTSE 100
LSE
IOF
Iofina
FX
GBPUSD
UK Sterlin..
Stocks you've viewed will appear in this box, letting you easily return to quotes you've seen previously.

Register now to create your own custom streaming stock watchlist.

NYSE and AMEX quotes are delayed by at least 20 minutes.
All other quotes are delayed by at least 15 minutes unless otherwise stated.

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

1 site:2 us 141222 21:16