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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

Stock News for Petroleo Brasileiro (PBR)
10/21/201609:10:00Petrobras Looks to Sell Stake in Ethanol Producer
10/21/201608:48:00Brazil's Petrobras in Talks to Sell Stake in Sugar, Ethanol Producer
10/14/201609:10:00Brazil's Petrobras Announces New Retail Fuel Pricing Plan
10/13/201608:21:00Petrobras Reports Start-Up of Gasoline-Making Unit at Texas Refinery
09/02/201607:36:00Brazil Prosecutors Suspends Leniency Deal With SBM Offshore
08/30/201607:19:00Petrobras Signs Partnership Deal With Statoil
08/29/201609:40:00Brazil's Rousseff Begins Testimony at Senate Impeachment Trial
08/25/201618:00:00S&P Cuts Rio de Janeiro State's Credit Rating
08/11/201619:40:00Brazil's Petrobras Posts Sharp Decline in Earnings
08/10/201607:40:00Brazil's BTG Pactual Profits Fall
08/02/201603:02:00Commodities Report: Aramco IPO Taps Gusher of Caution -- WSJ
07/30/201603:02:00Petrobras Sells Oil-Field Stake -- WSJ
07/29/201610:39:00Brazil's Petrobras Accelerates Asset Sales to Cut Debt -- Update
07/29/201607:39:00Brazil's Petrobras Accelerates Asset Sales to Cut Debt
07/29/201605:28:00Statoil Agrees on $2.5 Billion Deal for Brazil Oil License...
07/29/201603:30:00Statoil Agrees on $2.5 Billion Deal for Brazil Oil License
07/28/201606:29:00Aramco Buyer Beware: The Risky Track Record of Government Oil
07/21/201607:46:00Petrobras Announces Early Tender Results and Early Settlement...
07/18/201608:24:00Brazil Reaches Leniency Deal With SBM Offshore
07/13/201618:33:00ADRs End Mostly Lower; Nokia Rises

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