ADR Report-Foreign shares slip as USD jumps on Europe woes

NEW YORK, Nov 26 (BestGrowthStock) – European banks and global miners led
declines in shares of foreign companies traded in the United States
on Friday, as the U.S. dollar jumped on fears of a widening debt
crisis in Europe.

Investors sought the relative safety of the greenback as
Ireland’s debt problems pushed up the borrowing costs of Portugal and
Spain, seen as the next weakest euro-zone peripheral states, to
record highs.

New York-traded shares of Spain’s Santander (SAN.MC: )(STD.N: )
dropped 4.6 percent to $10.01, while Deutsche Bank (DBKGn.DE: )(DB.N: )
and Credit Suisse (CSGN.VX: )(CS.N: ) fell almost 3 percent each.

The U.S. dollar’s rise weighed down energy and other commodity
prices. Vale’s (VALE5.SA: )(VALE.N: ) U.S.-traded stock fell 2.2 percent
to $31.85.

Investors further shunned risk as China warned against military
acts near its coastline ahead of U.S.-South Korean naval exercises
that North Korea, days after shelling a South Korean island, said
risked pushing the region toward war. For details see
[ID:nL3E6MQ058].

An index of U.S.-traded shares of Korean companies (.BKKR: ) fell 2
percent, with Korea Electric Power Corp (015760.KS: )(KEP.N: ) and LG
Display Co (034220.KS: )(LPL.N: ) down more than 3 percent each.

The BNY Mellon index of leading American Depositary Receipts
(ADRs) (.BKADR: ) was down 1.6 percent, while the U.S. benchmark S&P
500 index (.SPX: ) dropped 0.6 percent.
(Reporting by Rodrigo Campos; Editing by Jan Paschal)

ADR Report-Foreign shares slip as USD jumps on Europe woes