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ADR Report: Shares Fall On Resurging Fears of Euro-Debt Issues

By Maya Pope-Chappell Of DOW JONES NEWSWIRES NEW YORK -(Dow Jones)- International companies trading in New York closed lower Thursday as European bank shares fell sharply on resurging fears over the euro zone's debt problems. The Bank of New York index of ADRs ended down 1.1% to 121.40, hampered by Europe's banks. Germany's Commerzbank AG (CRZBY, CBK.XE) and Deutsche Bank AG (DB, DBK.XE) were both down after Italian bank UniCredit SpA (UNC.MI, UNCFF) said its EUR7.5 billion rights issue would be heavily discounted. This reignited concerns that the German banks might both need similarly large capital increases. Commerzbank shares lost 3.6% to $1.63 and Deutsche Bank shares fell 6.2% to $36.23. French banks also came under pressure. Credit Agricole SA (CRARY, ACA.FR) closed 5.7% lower at $2.64, BNP Paribas SA (BNPQY, BNP.FR) declined 5.3% to $18.76, and Societe Generale SA (SCGLY, GLE.FR) was off 4.1% to $4.24. The European index declined 1.6% to 112.66. Total SA (TOT, FP.FR) Chairman and Chief Executive Christophe de Margerie said the French oil major's European refining margins were negative in December. Shares lost 2% to $51.21. J.P. Morgan Cazenove lowered AstraZeneca PLC (AZN, AZN.LN) to underweight from neutral and Sanofi (SNY, SAN.FR) to neutral from overweight. The firm said that, due to 2011 market turmoil, their improvements in pharma fundamentals have gone largely unnoticed and have yet to be reflected in valuations. Shares of Sanofi were down 2.1% to $35.73, and AstraZeneca closed 1.3% lower at $46.85. The Latin American index declined 1.4% to 339.32, and the emerging-markets index slipped 0.1% to 282.68. The Brazilian real weakened against the U.S. dollar on renewed worries about European debt and economic growth prospects. Shares in the country's biggest companies also declined, with mining giant Vale SA (VALE, VALE5.BR) sliding 2.7% to $22.75 and state-run oil company Petroleo Brasileiro, or Petrobras, (PBR, PETR4.BR) closing down 1.3% to $26.11. Crude-oil futures prices slumped below $102 a barrel after news that U.S. oil inventories rose last week due to weak demand. The news weighed on shares of the region's oil companies. Colombia's Ecopetrol SA (EC, ECP.T, ECOPETROL.BO) eased 0.1% to $45.96. The Asian index closed fractionally lower at 116.97. Japan's Securities and Exchange Surveillance Commission has asked U.S. and other overseas securities market regulators for information on the Olympus Corp. (OCPNY, 7733.TO) cover-up, including the company's positions in foreign funds used to hide investment losses, The Nikkei reported early Friday. The camera maker's shares slipped 0.5% to $13. Hitachi Ltd. (HIT, 6501.TO) provided some cheer. Its shares gained 1% to $54.65 as it disclosed the purchase of German firm Huco Automotive GmbH with an eye toward gaining access to sales networks in 70 European and other countries, The Nikkei reported early Friday. -By Maya Pope-Chappell, Dow Jones Newswires; 212-416-3670; maya.pope-chappell@dowjones.com

Stock News for Engelhard (EC)
DateTimeHeadline
07/02/201506:05:15Securities Registration (section 12(b)) (8-a12b)
07/01/201520:52:00Standard & Poor's Maintains Ecopetrol S.A.'s Long Term Corporate...
07/01/201520:52:00Standard & Poor's Maintains Ecopetrol S.A.'s Long Term Corporate...
06/29/201506:02:04Report of Foreign Issuer (6-k)
06/25/201516:03:20Report of Foreign Issuer (6-k)
06/25/201514:03:14Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
06/25/201508:58:00Moody's Maintains Ecopetrol S.A.'s International Long Term Rating...
06/25/201508:58:00Moody's Maintains Ecopetrol S.A.'s International Long Term Rating...
06/25/201506:02:40Report of Foreign Issuer (6-k)
06/25/201506:02:39Report of Foreign Issuer (6-k)
06/24/201520:20:00Ecopetrol S.A. Presents the Details of the 2014 Earnings Distribution...
06/24/201520:20:00Ecopetrol S.A. Presents the Details of the 2014 Earnings Distribution...
06/23/201517:20:09Free Writing Prospectus - Filing Under Securities Act Rules 163/433...
06/23/201508:38:57Prospectus Filed Pursuant to Rule 424(b)(3) (424b3)
06/23/201508:22:09Report of Foreign Issuer (6-k)
06/22/201508:58:00Fitch Affirms Local And International Ecopetrol's Ratings
06/22/201508:58:00Fitch Affirms Local And International Ecopetrol's Ratings
06/16/201516:59:12Ex-CEO of PetroTiger Sentenced to Probation Over Bribery -- 2nd...
06/16/201512:50:09Ex-CEO of PetroTiger Sentenced to Probation Over Bribery
06/16/201512:47:53Ex-CEO of PetroTiger Sentenced to Probation Over Bribery -- Update

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