ADR Report-Banks, Japanese firms lead foreign stocks lower

NEW YORK, Feb 8 (BestGrowthStock) – Overseas shares traded in the
United States fell on Monday as financial stocks were hit by
worries over euro zone debt and G7 discussion of a bank tax.

European banks were among the top decliners, with New York
traded shares of Lloyds Banking Group (LYG.N: ) down 6 percent at
$2.96, while Credit Suisse (CS.N: ) and Deutsche Bank (DB.N: ) both
fell nearly 2 percent.

The idea of a global tax on banks to recapture bailout
costs gained ground over the weekend at a Group of Seven
meeting, rekindling investor worries about possible pressure on
bank profits. For details see [ID:nN06163094].

Greek banks got pummeled as mounting concerns on Greece’s
fiscal health and possible contagion throughout southern
Europe. Wall Street-traded shares of the National Bank of
Greece (NBG.N: ) fell 9.6 percent to $3.56.

The Bank of New York Mellon index of leading American
Depositary Receipts (ADRs) (.BKADR: ) fell 0.6 percent while the
U.S. benchmark S&P 500 index (.SPX: ) lost 0.2 percent.

Overnight in Tokyo the Nikkei (.N225: ) fell to its lowest
level in two months and a 1.2 percent drop in the Japanese ADR
index (.BKJP: ) weighed on the Asian benchmark (.BKAS: ).

Large Japanese exporters were among the worst hit as the
yen strengthened overnight against the U.S. dollar and anxiety
over euro zone debt problems dented investor confidence. The
Japanese currency pared gains on Monday.

ADRs of Panasonic Corp (PC.N: ) tumbled 4.9 percent to $14.74
and Sony Corp (SNE.N: ) dropped 3.3 percent to $33.14.

Receipts with the Bank of New York Mellon index of leading
Latin American ADRs (.BKLA: ) shed 0.4 percent with energy
company and regional bellwether Petrobras (PBR.N: ) turning
negative as oil prices shed gains.

Petrobras fell 0.2 percent to $38.69 after trading as high
as $39.52.

The Bank of New York Mellon index of leading European ADRs
(.BKEUR: ) dropped 0.7 percent.

SAP AG ADRs (SAP.N: ) tumbled 5.3 percent to $43.54 after the
abrupt departure of the CEO of the world’s top business
software firm. [ID:nLDE6170XB]

Growth Stocks

(Editing by Andrew Hay)

ADR Report-Banks, Japanese firms lead foreign stocks lower