ADR REPORT-Shares edge higher, but China data weighs
Better-than-expected U.S. bank earnings fueled advances in
financials. Bank of America surged after posting a
profit that topped consensus forecasts while Goldman Sachs said it was moving to cut costs. The stock rose 2.2
percent.Overseas, Barclays Plc rose 1.3 percent to $11.12
while Deutsche Bank gained 1.4 percent to $36.51. Both
have fallen about 30 percent so far this year, suffering
because of the ongoing sovereign debt situation in EuropeConcerns about the debt crisis continued after Moody’s
cautioned it may slap a negative outlook on France’s Aaa credit
rating in the next three months if costs from helping to bail
out banks and other euro zone members stretch its budget too
thin.The BNY Mellon index of leading American Depositary
Receipts rose 0.2 percent after falling almost 2
percent in Monday’s session. The BNY Mellon index of leading
European ADRs was also 0.2 percent higher, far
outpaced by the gains in the S&P 500 , which rose 1.1
percent.The BNY Mellon index of leading Asian ADRs was flat
after data showed that China’s growth slowed in the third
quarter to its weakest pace since early 2009. Hong Kong and
Shanghai shares both tumbled in thin trade following the data.The Chinese data also pressured material names, which
dropped on the prospect of lower demand from the country.
Aluminum China lost 5.7 percent to $11.90 while
European miner Rio Tinto fell 1.9 percent to $50.13.The weakness in miners pressured the FTSEurofirst 300 index of top shares, which ended 0.4 percent lower.The BNY Mellon index of leading Latin American ADRs
gained 1.2 percent even as Latin American shares fell over
concerns related to China and Europe. The index was lifted by
strength in telecom shares, with Brasil Telecom up 7.4
percent to $19.79 and Tele Norte Leste Participacoes S.A. up 6.3 percent to $10.37.
