ADR Report-ADRs weighed by energy shares, Sanofi dips

NEW YORK, Aug 30 (BestGrowthStock) – Overseas shares traded in the
United States fell on Monday as energy stocks were pressured by
weak oil prices, while Sanofi-Aventis dipped as Genzyme
rebuffed its takeover offer.

Sanofi-Aventis (SNY.N: ) was off 0.2 percent to $28.87 as
U.S. biotech Genzyme (GENZ.O: ) rejected the French drugmaker’s
$18.5 billion takeover proposal, saying it was opportunistic
and too low. Genzyme, meanwhile, jumped 4 percent to $70.30.
For details, see [ID:nLDE67T031]

Energy shares dragged as oil prices fell 1 percent to
$74.41 a barrel as investor unease about the sustainability of
the economic recovery weighed. Among the laggards, Petrobras
(PBR.N: ) fell 2.2 percent to $33.03 and Total SA (TOT.N: ) shed
1.8 percent to $46.60.

Rio Tinto (RTP.N: ) signaled it was pushing ahead with its
expansion plans in iron ore while it awaits competition
authority clearance to form a partnership with rival BHP
Billiton (BHP.AX: ) in Australia.

Rio said it had approved $1.6 billion to expand its Hopes
Downs iron ore mine project in Australia with a local partner.
Its shares slipped 1.9 percent to $49.46. [ID:nSGE67T0CE]

Irish financial shares fell after the country’s government
signaled that gradually winding down Anglo Irish Bank could be
an option. Allied Irish Banks (AIB.N: ) dropped 2.4 percent to
$2.01 and Bank of Ireland (IRE.N: ) lost 1.8 percent to $3.86.

The BNY Mellon index of leading American Depositary
Receipts (ADRs) (.BKADR: ) fell 1 percent, while the U.S.
benchmark S&P 500 index (.SPX: ) dipped 0.7 percent. Wall Street
waned as investors were cautious ahead of several key economic
reports this week following a string of disappointing numbers.

The BNY Mellon index of leading Asian ADRs (.BKAS: ) was down
0.8 percent. Hong Kong shares racked up their biggest gain in
four weeks.

Japan’s Nikkei pared gains on disappointment in a Bank of
Japan decision viewed by investors as a symbolic gesture that
will do little to halt a climb in the currency that hurts
exports and may prolong deflation.

The BNY Mellon index of leading European ADRs (.BKEUR: ) was
declined 1.1 percent. European shares ended flat as worries
over the strength of the economic recovery offset more merger
and acquisition news.

Receipts with the BNY Mellon index of leading Latin
American ADRs (.BKLA: ) fell 1.5 percent.

(Reporting by Leah Schnurr; Editing by Andrew Hay)

ADR Report-ADRs weighed by energy shares, Sanofi dips