ADR Report-Foreign shares rise on banks, Spain cuts

NEW YORK, May 12 (BestGrowthStock) – Overseas shares traded in the
United States rose on Wednesday, boosted by results in the
financial sector, while Spain’s plans to cut its deficit
tempered worries about a sovereign debt crisis in the euro
zone.

Financial shares were boosted as banks across Europe mostly
beat estimates for first-quarter earnings as markets showed
signs of economic stabilization. For details, see
[ID:nLDE64B0JE]

Among the gainers, U.S.-listed shares of ING Groep (ING.N: )
rose 4.1 percent to $8.87, but insurer Aegon (AEG.N: ) slipped
0.3 percent to $6.52.

Spanish ADRs rose after Spain became the latest euro zone
nation to announce sweeping austerity measures in response to a
widening debt crisis. The Bank of New York Mellon Spain ADR
index (.BKES: ) was up 1.1 percent, while Banco Santander (STD.N: )
gained 1.1 percent to $11.63. [ID:nLDE64B0SK]

In other equities news, American International Group Inc
(AIG.N: ) is in talks with Prudential Plc (PUK.N: ) to restructure
a $35.5 billion deal to sell its Asian life insurance unit to
the British insurer, according to sources. Prudential’s shares
gained 2.9 percent to $16.80. [ID:nLDE64A2DU]

The talks centered on the funding behind the deal,
including cutting the $25 billion cash component but would not
alter the overall price, sources said.

On the earnings front, Deutsche Telekom (DT.N: ) reported a
rise in first-quarter operating profit as it was helped by
rising sales in Greece and at its German mobile business,
driven by the popularity of the iPhone. The company’s shares
rose 1.2 percent to $11.51. [ID:nLDE64B027]

China Unicom (CHU.N: ) said it will raise its subsidies for
Apple’s (AAPL.O: ) iPhone that it sells as it aims to boost
demand. China Unicom’s shares added 0.5 percent to $12.02.
[ID:nTOE64B086]

The Bank of New York Mellon index of leading American
Depositary Receipts (ADRs) (.BKADR: ) was up 0.6 percent, while
the S&P 500 (.SPX: ) was boosted by technology and industrial
shares.

The Bank of New York Mellon index of leading Asian ADRs
(.BKAS: ) added 0.1 percent. In Asia, Hong Kong and Shanghai
stocks rose marginally in thin trade as investors sought safe
havens.

The Bank of New York Mellon index of leading European ADRs
(.BKEUR: ) gained 0.8 percent. European shares were lifted by
quarterly results from financials and improved sentiment after
Spain’s planned cuts.

Receipts with the Bank of New York Mellon index of leading
Latin American ADRs (.BKLA: ) was up 0.9 percent.

Stock Report

(Reporting by Leah Schnurr; Editing by Kenneth Barry)

ADR Report-Foreign shares rise on banks, Spain cuts