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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
07/02/201508:50:04Brazil Federal Police Arrest Another Former Petrobras Executive
07/01/201519:30:38Former Petrobras Executive Seeking Plea Deal With Prosecutors
06/29/201519:45:34Petrobras Rules Out Issuing New Shares
06/29/201517:51:48ADRs End Lower; National Bank of Greece Drops Sharply
06/29/201511:00:08Brazil's President Seeks Investment During U.S. Visit
06/29/201510:49:47Brazil's President Seeks Investment During U.S. Visit
06/29/201509:50:07Brazil's Petrobras Slashes 5-Year Investment Budget
06/29/201504:21:16Sevan Marine Investigates as Ex-Employee Named in Corruption...
06/25/201515:59:05Pemex in Talks With Union Over Pension, Labor Reforms
06/21/201521:00:42Brazil 'Carwash' Shrugs Off Scandal
06/21/201520:40:46Brazil President's Approval Rating Hits Record Low
06/21/201520:40:46Moody's Warns on Two Brazilian Companies
06/19/201516:08:51Brazil Police: Odebrecht, Andrade Gutierrez Chief Executives...
06/19/201512:15:56Brazil Police: Odebrecht, Andrade Gutierrez Chief Executives...
06/19/201510:10:03Brazil Police: Odebrecht, Andrade Gutierrez Chief Executives...
06/16/201517:18:35Brazilian Shares Follow World Markets Higher; Real Strengthens...
06/09/201507:50:18Brazil's Embraer Raises $1 Billion Through Overseas Bond Issue
06/02/201518:02:13ADRs End Mostly Higher; Ctrip Declines
06/02/201507:50:07Petrobras Confirms $2.5 Billion Bond Sale
05/27/201508:50:06Brazil's Petrobras Unveils Details Of Debentures Issue

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