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ADR Report: Shares Lower As Euro Zone Worries Grow

By Corrie Driebusch Of DOW JONES NEWSWIRES NEW YORK -(Dow Jones)- International companies trading in New York closed lower Wednesday, in line with the broader market, as economic data from the euro zone weighed on sentiment. The Bank of New York index of ADRs slumped 0.7%, to 126.45, as European banks fell. The seasonally adjusted unemployment rate in the 17-nation euro zone rose to 10.9% in March, a euro-era high, from 10.8% in February. Meanwhile, euro-zone manufacturing activity shrank in April at a faster pace than previously estimated. Spain's Banco Santander (STD, SAN.MC) slumped 5.6%, to $6.03, as the weak euro-zone data escalated concerns about the economic crisis on the continent and particularly recession-plagued Spain. Other banks in the region also traded down, with Credit Agricole SA (CRARY, ACA.FR) falling 5%, to $2.46, and BNP Paribas SA (BNPQY, BNP.FR) losing 2.2%, to $19.94. The European index declined 1%, to 115.94. Daimler AG (DDAIF, DAI.XE) Chief Financial Officer Bodo Uebber Wednesday dismissed recent media reports suggesting the German auto maker strengthened its defense strategy against a possible takeover and reiterated the company won't spin off its truck division in the foreseeable future. Shares of the German car maker slipped 2.3%, to $54.71. Offsetting those losses, however, was Technicolor SA (TCLRY, TCH.FR), which jumped 33%, to $2.46. French sovereign fund Fonds Strategique d'Investissement, or FSI, together with another investor, might buy a stake in Technicolor, a troubled cinema production services provider and manufacturer of TV set-top boxes, said Industry Minister Eric Besson Wednesday in a statement. The Asian index fell 0.2%, to 126.16. SK Telecom Co. (SKM, 017670.SE), South Korea's largest mobile carrier by subscribers, said Wednesday its first-quarter net profit fell, as lower phone fees and higher spending on faster network technology hurt its bottom line. Shares dropped 0.8%, to $13.48. Tata Motors Ltd. (TTM, 500570.BY) shares fell 4.1%, to $28.66, after the Indian car maker's local sales in April fell 5%. The Latin American index dropped 0.3%, to 352.97. Gerdau SA's (GGB, GGBR3.BR, GGBR4.BR) shares ended down 1.2%, at $9.34, as Barclays Capital said the steelmaker is set to report weak first-quarter results on depressing margins from its Brazilian unit. The unit may report declining EBITDA margin, hurt by disruptions at its iron ore business on heavy rains in January and cost pressures, mainly in coking coal, Barclays said. The emerging markets index inched up 0.1%, to 298.44. Shinhan Financial Group (SHG, 055550.SE) Wednesday reported a smaller-than-expected 10.6% on-year fall in its first-quarter net profit as it set aside more in loan-loss provisioning. Shares rose 0.9%, to $70.34. Offsetting those gains was Russian metals and mining company Mechel OAO (MTL, MTLR.RS), which said late Tuesday it has failed to file its annual report for 2011 on time as its management was busy with talks with the company's lenders on changing loans conditions. Shares fell 4.5%, to $8.24. -By Corrie Driebusch, Dow Jones Newswires; 212-416-2143; corrie.driebusch@dowjones.com

Stock News for Gerdau (GGB)
DateTimeHeadline
09/16/201421:50:32U.S. Steel Canada to Seek Creditor Protection
09/16/201421:20:07U.S. Steel Canada to Seek Creditor Protection -- Update
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 Sales
11/15/201307:07:27Two Sigma Investments 3Q 13F: Largest Purchases
11/15/201307:07:27Two Sigma Investments 3Q 13F: Largest Eliminations -2-
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

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