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ADR Report: ADRs Fall On China, Euro-Zone Macro Worries

By Joan E. Solsman Of DOW JONES NEWSWIRES NEW YORK -(Dow Jones)- 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; [email protected]

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