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ADR Report: Shares Fall as Central Banks' Actions Disappoint

By Nathalie Tadena International companies trading in New York closed lower Thursday, as European Central Bank President Mario Draghi's comments that fears of a broad economic slowdown across the euro zone had materialized, justifying the ECB's decision to cut its interest rates to historic lows, weighed on investor sentiment. The Bank of New York index of ADRs fell 1.5% to 119.78. The ECB was among several central banks to disclose easing measures Thursday, cutting its refinance rate by 25 basis points to a record low of 0.75%. The Bank of England kept its important rate unchanged, but increased the size of its bond-buying program by 50 billion pounds ($77.96 billion). China's central bank also lowered interest rates for the second time in less than a month. Shares of Spanish banks Banco Santander S.A. (SAN, SAN.MC) fell 5.3% to $6.31 and Banco Bilbao Vizcaya Argentaria S.A. (BBVA, BBVA.MC) slipped 5.8% to $6.60, amid disappointment that the ECB didn't indicate it would pump more money into the banking system. The European index fell 1.8% to 110.40. Elsewhere in the region, Veolia Environment S.A.'s (VE, VIE.FR) shares fell 8.6% to $11.65 after UBS downgraded its stock-investment rating on the French utility company to sell from neutral and reduced its target price. ING downgraded Aegon NV (AEG, AGN.AE) to hold from buy on macroeconomic headwinds and a limited upside potential for the share price. Shares of the Dutch life-insurance and pension company were off 5.9% to $4.47. The Asian index slid 1.1% to 119.76. VisionChina Media Inc. (VISN) lowered its second-quarter earnings view amid declining revenue from its Internet-based businesses and other factors, including slower-than-expected advertising spending by small and midsize clients. Shares dropped 22% to 73 cents. Ambow Education Holding Ltd. (AMBO) reported Wednesday it swung to a loss in its first quarter, while analysts had projected a quarterly profit, and also posted revenue below analyst expectations. The China-based education company also issued a downbeat revenue forecast for the second quarter and full year and disclosed the resignation of its chief financial officer. Shares sank 20% to $3.73. The Latin American index traded down 1.5 points to 322.95 while the emerging-markets index ended about 1% lower at 273.76. The New York-listed shares of Argentine banks closed lower Thursday, after President Cristina Kirchner said she will force banks to make cheap loans to businesses as her government tries to revive a rapidly slowing economy. BBVA Banco Frances SA (BFR, FRAN.BA), a subsidiary of Spain's Banco Bilbao Vizcaya Argentaria, fell 7.9% to $3.37. Banco Macro SA (BMA, BMA.BA) declined 8.2% to $12.47, while Grupo Financiero Galicia SA (GGAL, GGAL.BA) closed 6.5% lower at $4.39. Write to Nathalie Tadena at nathalie.tadena@dowjones.com.

Stock News for Banco Macro Bansud (BMA)
DateTimeHeadline
11/15/201308:53:19D. E. Shaw & Co. LP 3Q 13F: Largest Eliminations
11/15/201308:53:15D. E. Shaw & Co. LP 3Q 13F: Largest Eliminations -2-
11/15/201308:53:15D. E. Shaw & Co. LP 3Q 13F: Largest Sales
11/15/201308:53:15D. E. Shaw & Co. LP 3Q 13F: Largest Purchases
05/24/201318:42:11Argentina's Stocks End Lower; 'Blue' Dollar Strengthens
04/25/201318:30:18Argentina's Black-Market Peso Weakens Sharply; Stocks Rise
01/25/201318:01:18Argentina's Black-Market Peso Continues to Weaken
08/27/201217:15:27ADR Report: Shares End Lower; Steelmakers Slump
08/08/201219:51:48Argentina Stocks Gain Slightly as Banco Macro Leads
08/06/201217:57:08ADR Report: Shares End Higher After US, European Markets Climb
07/31/201218:05:07Argentina's Bonds, Stocks End July Lower Ahead of Central-Bank...
07/05/201217:33:51ADR Report: Shares Fall as Central Banks' Actions Disappoint
07/05/201210:28:06Argentina Bank Shares in New York Tumble on Forced Lending Measures
06/21/201217:19:34ADR Report: Shares End Lower on Lackluster Economic Readings
06/19/201218:22:40ADR REPORT: Shares Rise on Spanish Debt Sale, Stimulus Hopes
04/24/201218:57:04Argentine Stocks Barely Changed; YPF Again Leads Declines
03/16/201217:00:43ADR Report: Shares Higher As Energy Companies Gain
12/19/201117:05:32ADR Report: Shares Decline As EU Ministers Fail To Reach Agreement
12/16/201109:53:30Argentina Pressures Banks To Lower Rates As Economy Slows
08/18/201118:36:32Argentina's Political, Economic Uncertainty To Limit Bank Deals

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