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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
04/13/201618:26:00ADRs End Higher; Steelmakers, Mining Companies Rise
04/05/201616:48:13Report of Foreign Issuer (6-k)
03/31/201617:09:00Gerdau S.A. - Form 20-F
03/15/201609:48:00Gerdau S.A. - Consolidated Information
03/04/201612:13:59Report of Foreign Issuer (6-k)
02/29/201618:41:00ADRs End Mixed; Vale, Petrobras Rise
02/29/201612:19:47Report of Foreign Issuer (6-k)
02/25/201618:06:00ADRs End Mostly Higher; Lloyds Rises
02/25/201612:17:54Report of Foreign Issuer (6-k)
02/04/201614:29:13Report of Foreign Issuer (6-k)
01/27/201613:36:11Report of Foreign Issuer (6-k)
10/29/201516:20:16Report of Foreign Issuer (6-k)
10/29/201508:15:00Gerdau S.A. - Consolidated Information
09/30/201511:24:00Scanning Stocks From the Basic Material Sector - Ceres, Denbury...
09/24/201517:54:00ADRs End Mixed; Brazilian Companies Rally
08/24/201517:37:00ADRs End Lower; Chinese, Commodities Firms Decline
08/13/201514:54:57Report of Foreign Issuer (6-k)
08/13/201506:02:50Report of Foreign Issuer (6-k)
08/11/201517:50:53ADRs End Lower; Miners, Steelmakers Among Decliners
07/17/201516:13:51Report of Foreign Issuer (6-k)

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