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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 Mechel Oao (MTL)
DateTimeHeadline
03/03/201403:22:53Gazprom, Industrials Plunge In Micex Rout -- Market Talk
12/03/201316:58:24ADR Shares End Lower As Investors Eye Friday Jobs Report
11/18/201313:10:43Mechel Agrees With Main Lenders on Easing Debt
11/18/201312:53:23Mechel Agrees With Main Lenders on Easing Debt - Sources
11/14/201308:53:10Sberbank CEO: Mechel Debt-Restructuring Process Proceeding Normally...
04/30/201308:50:42Mechel Signs 3-Year Coal Deal With Korea's POSCO
04/29/201317:05:41ADR Shares Rise on Gains for Mining, Energy Stocks
04/17/201310:54:23Mechel Resumes Work at Some Idled West Virginia Mines
03/04/201317:20:53ADR Shares Close Mixed; Property, Mining Stocks Slump After China...
02/20/201317:13:37ADR Shares End Lower; Gold Mining Companies Hit Hard
01/11/201318:12:09ADR Shares End Mixed; Metals, Mining Stocks Fall on China Inflation...
12/10/201217:22:36ADR Report: Shares End Slightly Higher, Boosted by Mining Stocks
10/15/201206:12:33Mechel Secures $775 Million Credit for Russian Mine
08/27/201217:15:27ADR Report: Shares End Lower; Steelmakers Slump
06/20/201217:32:20ADR Report: Shares End Higher on Central Bank Support
05/02/201217:19:50ADR Report: Shares Lower As Euro Zone Worries Grow
03/29/201217:23:17ADR Report: Shares Drop On Weakness In Overseas Markets
03/05/201217:26:20ADR Report: Shares Lower As China Cuts Growth Target
12/28/201110:48:23Evraz Secures $610 Million Loan Amid Volatile Market Conditions
12/15/201104:08:33Mechel Net Profit Plummets

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