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ADR Report: Shares Lower As China Cuts Growth Target

By Corrie Driebusch Of DOW JONES NEWSWIRES NEW YORK -(Dow Jones)- International companies trading in New York closed lower Monday, in line with the broader market, as China cut its economic growth target and data showed euro-zone business activity contracted more than initially thought. The Bank of New York index of ADRs declined 0.8% to 131.30 as resource stocks tumbled after China, a large consumer of natural resources, cut its economic growth target to 7.5% for 2012 after keeping it at 8% for the past eight years. Mechel OAO (MTL, MTLR.RS) fell 5.6% to $10.56, Rio Tinto PLC (RIO, RIO.LN) dropped 3.9% to $54.23 and BHP Billiton PLC (BBL, BLT.LN) ended down 2.4% at $62.65. The Latin American index and the emerging markets index lost 1.8% to 381.16 and 1.8% to 312.84, respectively, as Brazil resources companies also fell on news of a China slow down. China is Brazil's biggest trading partner and Brazil's key exports include iron ore. Vale SA (VALE, VALE5.BR), the world's largest iron ore supplier, traded down 3.7% to $24.74. Steel producer Gerdau SA (GGB, GGBR4.BR) declined 2.2% to $10.36. The European index lost 0.3% to 120.26 as Italy and Spain both contracted faster in February than in January, suggesting that growth for those countries looks to be a long way off. Shares of Spanish banks Banco Bilbao Vizcaya Argentaria SA (BBVA, BBVA.MC) fell 1.9% to $8.85 and Banco Santander SA (STD, SAN.MC) lost 2.1% to $8.22. The Asian index fell 1.4% to 128.53. Tumbling natural-gas futures are weighing today on the energy sector as natural-gas futures flirted with 10-year lows on expectations that warmer-than-usual weather will persist across much of the U.S. this month. Coal companies took a hit as low natural-gas prices are liable to only hasten the switch of power plants to that fuel instead of coal. Shares of Yanzhou Coal Mining Co. (YZC, K3GD.SG, 600188.SH, 1171.HK) shed 4.5% to $23.37. -By Corrie Driebusch, Dow Jones Newswires; 212-416-2143; corrie.driebusch@dowjones.com

Stock News for Gerdau (GGB)
DateTimeHeadline
01/29/201415:51:23Brazil Stocks Close Down On Fed Tapering Move
12/17/201317:09:13ADR Shares End Lower as Fed Meeting Begins
12/09/201317:31:15ADR Shares End Mixed as Markets Digest Fed Officials' Speeches
11/27/201317:14:07ADR Shares End Slightly Higher After String of Economic Data
11/15/201307:07:30Two Sigma Investments 3Q 13F: Largest Eliminations
11/15/201307:07:27Two Sigma Investments 3Q 13F: Largest Eliminations -2-
11/15/201307:07:27Two Sigma Investments 3Q 13F: Largest Purchases
11/15/201307:07:27Two Sigma Investments 3Q 13F: Largest Sales
11/14/201307:19:29The Vanguard Group 3Q 13F: Largest Purchases -2-
11/14/201307:19:25The Vanguard Group 3Q 13F: Largest Sales
11/01/201316:22:34Brazil Shares Close Lower as Petrobras Gives Up Gains
10/18/201317:19:44ADR Shares End Mostly Higher On Upbeat China Data
10/17/201317:39:08ADR Shares End Higher a Day After U.S. Lawmakers Strike Deal
09/25/201314:42:33Brazil's Gerdau CEO Sees U.S. Steel Demand Stronger in 2014-15
09/23/201317:04:30ADR Shares End Mixed Following German Elections
09/06/201317:45:45Brazil's Bovespa Stock Index Ends Higher on OGX, Mild Inflation
04/09/201308:41:19Brazilian Companies Tap Overseas Debt Markets as BOJ Money Flows
03/21/201317:04:12ADR Shares End Lower as Cyprus Concerns Return to Fore
03/19/201317:24:00ADR Shares End Lower; Mining Stocks Hit by Goldman's Dim Iron-Ore...
03/04/201317:20:53ADR Shares Close Mixed; Property, Mining Stocks Slump After China...

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