ADR Report: Shares Lower As European Banks Weigh
April 13 2012 - 5:08PM
Dow Jones News
International companies trading in New York closed sharply lower
Friday, in line with the broader market, as Spain's banks increased
their borrowing from the European Central Bank.
The Bank of New York index of ADRs lost 1.8% to 124.77 as
European banks declined. The Bank of Spain said the country's banks
nearly doubled their borrowing in March from the European Central
Bank to 316.3 billion euros ($416.7 billion) compared with
February, reawakening worries about their difficulties in borrowing
through the wholesale market.
Spanish banks Banco Santander SA (STD, SAN.MC) fell 4.5% to
$6.40, and Banco Bilbao Vizcaya Argentaria SA (BBVA, BBVA.MC)
tumbled 4.1% to $6.85.
Other banks in the region also fell, with BNP Paribas SA (BNPQY,
BNP.FR) closing off 6.3% at $19.80 and Societe Generale SA (SCGLY,
GLE.FR) shedding 6.4% to $4.65.
The European index declined 2.1% to 113.20.
The European Commission Friday opened an in-depth investigation
into the proposed creation of a joint venture in the U.K. between
Vodafone Group PLC (VOD.LN, VOD, VODPF), Telefonica SA (TEF,
TEF.MC) and Everything Everywhere in the field of mobile commerce.
Everything Everywhere is a joint venture between France Telecom
(FTE, FTE.FR) and Deutsche Telekom AG (DTE.XE, DTEGY).
Telefonica's shares shed 3.6% to $14.81, France Telecom traded
down 3.1% to $13.32, and Deutsche Telekom ended 2.9% lower at
$11.25.
The Asian index fell 1.3% to 125.81, and the emerging-markets
index slipped 1.3% to 298.36.
China Southern Airlines Co. Ltd. (ZNH, K3TD.SG, 600029.SH,
1055.HK) said Friday it expects its first-quarter net profit to be
down more than 50% from the same period a year earlier owing to
higher fuel costs and the slowdown in domestic economic growth.
Shares fell 4.2% to $22.53.
Infosys Ltd. (INFY, 500209.BY) posted a better-than-expected net
profit for the January-March quarter, but the company's forecast
that it may underperform the Indian outsourcing industry in revenue
growth this fiscal year drove its shares down 13% to $49.15. Wipro
Ltd. (WIT, 507685.BY) ended 7.2% lower at $9.99, on fears that
Infosys's outlook means that the industry growth is under
threat.
The Latin American index dropped 1.2% to 359.19.
Shares of Argentina's largest oil-and-gas company, YPF SA (YPF,
YPFD.BA), were down in volatile trading early Friday as speculation
about the company's future continued to drive the stock's
vicissitudes. YPF's stock tumbled 4.3% to $21.95.
-By Corrie Driebusch, Dow Jones Newswires; 212-416-2143;
corrie.driebusch@dowjones.com
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