ADR Report: Shares Lower As Financials Fall
March 09 2012 - 5:10PM
Dow Jones News
International companies trading in New York closed slightly
lower Friday as the International Swaps and Derivatives
Association, known as ISDA, declared that a credit event has
occurred for Greek credit default swaps.
The move by the ISDA triggers the payout of credit-default swaps
for investors who insured themselves against a Greek default.
The Bank of New York index of ADRs slipped 0.3% to 130.56,
weighed down by financials, which had performed strongly the last
few sessions.
ING Groep NV (ING, INGA.AE) fell 3.5% to $8.77; Deutsche Bank AG
(DB, DBK.XE) dropped 2.1% to $46.19; and Credit Agricole SA (CRARY,
ACA.FR) declined 3.7% to $3.05.
The European index fell 0.7% to 119.03.
Carnival PLC (CUK, CCL.LN) reported a better-than-expected
fiscal first quarter despite the shipwreck of its Costa Concordia
and reassuring trends in other brands tempered reaction to the
cruise operator's sharp reduction to its full-year earnings
outlook. Shares fell 1.5% to $30.08.
The Latin American index shed 0.7% to 373.37.
The recent rise in global oil prices to as high as $123 a barrel
represented a "peak" and does not change Brazil's forecast for
average prices in 2012 of $100 a barrel, Maria das Gracas Foster,
chief executive of state-run energy company Petroleo Brasileiro SA
(PBR, PETR4.BR), or Petrobras, said in a television interview
Thursday night. "We don't believe that this recent high level [of
oil prices] is going to hold," she told the Globo television
network. Shares of Petrobras fell 2.1% to $27.93.
The Asian index rose 0.7% to 130.08, and the emerging markets
index inched up 0.03% to 310.35.
Taiwanese flat-panel maker AU Optronics Corp. (AUO, 2409.TW)
said Friday it plans to hire 2,500 engineers to develop more
advanced touch sensor technologies and expand its solar business.
Shares rose 2.7% to $5.42.
Offsetting those gains was Home Inns & Hotels Management
Inc. (HMIN, K3UD.SG), whose fourth-quarter earnings slid and missed
market expectations as macroeconomic conditions weighed on
occupancy rates and revenue per available room at the Chinese hotel
chain. Shares declined 6.4% to $27.80.
-By Corrie Driebusch, Dow Jones Newswires; 212-416-2143;
corrie.driebusch@dowjones.com
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