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ADR Report: Shares End Lower After China, Japan Disappoint

By Mia Lamar International companies trading in New York closed lower Monday following a string of disappointing data points from Asia, including a sharp slowdown in Japan's economic growth. The Bank of New York index of ADRs fell 0.5% to 123.52. Economic growth in Japan slowed to an annualized pace of 1.4% in the second quarter, well below expectations for 2.7% growth and down from a revised 5.5% pace in the first quarter. A lack of supportive policy changes in China also put a damper on sentiment. Weak Chinese trade data last week had raised expectations that the People's Bank of China might act to stimulate growth, but as of Monday, those actions had failed to materialize. The Asian index fell 0.7% to 120.12 as energy stocks ended broadly weaker. PetroChina Co. (PTR, K3OD.SG, 0857.HK, 601857.SH) fell 1.6% to $125.58 while Sinopec Shanghai Petrochemical Co. (SHI, K3DD.SG, 600688.SH, 0338.HK) slumped 2.1% to $27.27. Bucking the losing trend was China's Focus Media Holding Ltd. (FMCN), which jumped 8.9% to $25.45 after a group led by its chief executive offered to take the advertising company private in a $3.66 billion deal. The $27-a-share offer would remove Focus Media from the skeptical eye of U.S. investors and mark the latest--and largest--Chinese company to back away from a U.S. listing. The European index fell 0.3% to 115.50. The region's energy firms also traded lower, led by an 1.2% loss for Norwegian oil-and-gas major Statoil ASA (STO, STL.OS). Shares of Alcatel-Lucent (ALU, ALU.FR) fell 2.5% to $1.18 after Standard & Poor's Ratings Services cut its outlook on the French telecom-equipment maker to negative from stable, citing expectations for weak operating results and "high cash flow losses" this year. The Latin American index fell 1% to 328.11 and the emerging markets index shed 0.9% to 278.31. Brazilian shares were doubly hit by growth concerns after a survey of analysts conducted by the Brazilian Central Bank pegged Brazil's economic growth this year at just 1.81%, down from last week's 1.85% forecast. Brazil's economy grew 2.7% in 2011. Steelmaker Companhia Siderurgica Nacional (SID, CSNA3.BR) fell 1% to $5.33, BRF Brasil Foods SA (BRFS, BRFS3.BR)--Brazil's biggest food processor by sales--slumped 2.2% to $14.53 and state-run energy heavyweight Petroleo Brasileiro SA (PBR, PETR3.BR, PETR4.BR), or Petrobras, slipped 0.5% to $21.88. -Write to Mia Lamar at mia.lamar@dowjones.com

Stock News for Petroleo Brasileiro (PBR)
DateTimeHeadline
04/22/201608:40:00BTG Pactual Sells 2 Insurance Stakes to French Insurer
04/18/201609:10:00Statoil: Positive Production Test of Gavea Appraisal Well in...
04/15/201616:00:00Politician Who Wants to Impeach Brazil's President Has His Own...
04/15/201615:50:00Brazil Assets Are Attractive as Companies Try to Cut Debt
04/15/201603:54:00Aker Solutions Gets $125 Million Subsea Services Pact From Petrobras
04/13/201614:00:00Brazil's Economy Tanks as Political Upheaval Looms
04/07/201611:30:00Brazil Bank Says Its Probe of Ex-CEO Finds No Basis to Corruption...
04/07/201607:00:00Swiss Banks at Risk of Harboring Corruption Proceeds, Says Regulator
04/04/201617:56:00ADRs End Mosly Lower; Brazilian Companies Trade Actively
03/24/201611:00:00Oil Prices Extend Fall as Stockpile Worries Resurface
03/21/201609:10:00Portugal Arrests Suspect in Petrobras Probe
03/21/201609:03:00Portugal Arrests Suspect in Petrobras Probe
03/17/201613:30:00Switzerland to Return $70 Million From Banks as Part of Petrobras...
03/17/201613:16:00Switzerland to Return $70 Million From Banks as Part of Petrobras...
03/16/201617:20:00In Gambit, Brazil's Embattled President Names da Silva to Cabinet
03/05/201617:55:00One Worker Injured in Fire at Petrobras Unit's Refinery Near...
03/02/201617:18:00Brazilian Shares Rise as Vale Gains, Real Strengthens Against...
02/29/201618:41:00ADRs End Mixed; Vale, Petrobras Rise
02/26/201619:06:00Brazil's Petrobras Signs Pact for $10 Billion in Loans From China
02/25/201619:50:00Bill to Open Brazil's Offshore Oil Fields to Foreigners Still...

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