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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
05/27/201508:50:06Brazil's Petrobras Unveils Details Of Debentures Issue
05/26/201516:00:06Former Petrobras Executive Sentenced to Five Years
05/19/201519:50:10China Premier Unveils Financing, Trade Pacts in Brazil
05/19/201519:20:25China Premier Li Unveils Billions of Dollars in Financing, Trade...
05/19/201518:14:17ADRs End Lower; Vodafone Edges Down
05/19/201510:51:05OAS Bondholder Fight Spills Into New York Bankruptcy Court
05/18/201512:00:08Brazil's Petrobras Approves Sale of $1 Billion in Debentures
05/18/201511:30:10Brazil's Itaú Unibanco Plans 3-Year Overseas Bond Issue
05/18/201511:24:43Brazil's Itau Unibanco Plans 3-Year Overseas Bond Issue -- Update
05/15/201522:41:08
05/14/201521:50:32Brazilian President Stands by Oil Rules
05/14/201519:00:35Former Lawmakers Charged in Petrobras
05/14/201515:00:09ICBC to Fund Brazilian Infrastructure Investments
05/14/201514:41:09China's ICBC to Fund Brazilian Infrastructure Investments
05/13/201507:10:02How Foreign Exchange Risk Affects Oil Stocks
05/10/201510:00:02Big Oil Dividend Stocks: 1 Value Trap to Avoid Like the Plague...
05/05/201520:12:52Petroleo Brasileiro Petrobras SA Downgraded by Vetr Inc. (PBR)
05/05/201511:43:25TheStreet Reiterates Sell Rating for Petroleo Brasileiro Petrobras...
04/30/201516:30:36Brazil's Petrobras Confirms New Board Members -- Update
04/30/201508:30:19Brazil's Petrobras Confirms New Board Members

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