Bulletin
Investor Alert

ADR Report Archives | Email alerts

Aug. 31, 2007, 1:33 p.m. EDT

ADRs at three-week high after Bush talks

new
Watchlist Relevance
LEARN MORE

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

  • X
    The Bank of New York Mellon ADR Index (BKADR)
  • X
    Dow Jones Industrial Average (DJIA)

or Cancel Already have a watchlist? Log In

By Moming Zhou, MarketWatch

SAN FRANCISCO (MarketWatch) -- U.S.-listed securities of overseas companies paced gains on Wall Street Friday, touching a three-week high, after President Bush and Federal Reserve Chairman Ben Bernanke said in separate speeches that they were prepared to curb mortgage defaults and prevent the U.S. economy from slowing down.

The Bank of New York ADR Index /zigman2/quotes/210598226/delayed BKADR -0.26% , which tracks securities of foreign companies trading in the U.S. as Depositary Receipts, rallied 2.6% to 180.23, the highest intraday level since Aug. 9.

ADRs of financial companies rallied as concerns about credit-related crisis eased. Mining and energy ADRs also made gains after gold and oil prices advanced.

On Wall Street, stocks rallied with the Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA +1.05% surging more than 170 points. See Market Snapshot

President Bush unveiled several steps Friday morning to help troubled subprime mortgage borrowers keep their homes, including the option of refinancing into government-insured mortgages. Read more

/zigman2/quotes/210598226/delayed BKADR 137.52, -0.36, -0.26%
16899W10

Bernanke said in a separate speech Friday that the Fed was ready to act as needed to prevent the turmoil in financial markets from hurting the U.S. economy. Bernanke, however, fell short of promising a Fed funds rate cut. Read more

Both said they would not protect lenders and investors from the consequences of their financial decisions.

Thirty-nine of the 41 financial ADRs tracked by the Bank of New York rose. ICICI Bank Ltd. /zigman2/quotes/208917098/composite IBN +1.13% , India's second-largest bank, jumped 7.2%. Kookmin Bank /zigman2/quotes/200043823/composite KB -0.40% , South Korea's No. 1 financial group, rallied 6.3%.

Deutsche Bank AG /zigman2/quotes/203042512/composite DB -3.20% , Germany's largest financial group, gained 2.6%, and HSBC Holding PLC , Europe's largest bank, rose 1.8%.

Barclays PLC /zigman2/quotes/206581728/composite BCS 0.00% advanced 4%. U.K.'s fourth-largest bank by revenue poured $1.6 billion into a struggling investment fund on Friday. See Barclays story

Mining ADRs also gained ground after metals prices edged higher. Gold futures for December delivery surged to $683.9 an ounce in earlier session in New York, the highest intraday price since Aug. 10. Copper and silver also rose. See Metal Stocks

BHP Billiton Ltd. /zigman2/quotes/208108397/composite BHP -3.65% , the world's biggest mining company by market value, gained 3.1%, Rio Tinto PLC , the second largest, rallied 5.4%, and Anglo American /zigman2/quotes/204130805/composite AAUKF -4.14% , Britain's largest miner, advanced 4.3%.

In the energy sector, all 18 ADRs of oil and gas producers tracked by the Bank of New York rose. CNOOC , China's largest offshore oil producer, jumped 5.6%. PetroChina Co. /zigman2/quotes/205108732/composite PTR +1.52% , the nation's second-biggest oil company by revenue, rallied 4%.

Total SA , Europe's third-largest oil company, gained 2.2%. Royal Dutch Shell PLC , the region's No. 1 energy producer, rose 2.3%.

Crude-oil for October delivery jumped to $74.4 a barrel in New York earlier morning, the highest level since Aug. 3. See Futures Movers

The Europe ADR Index , which has a weighting of 70% in the overall ADR index, gained 2.4%. The measures gauging Asian and Latin American ADRs also rose.

/zigman2/quotes/210598226/delayed
US : Bank of New York
137.52
-0.36 -0.26%
Volume: 0.00
July 1, 2022 5:45p
loading...
/zigman2/quotes/210598065/realtime
US : Dow Jones Global
31,097.26
+321.83 +1.05%
Volume: 313.35M
July 1, 2022 5:45p
loading...
/zigman2/quotes/208917098/composite
US : U.S.: NYSE
$ 17.94
+0.20 +1.13%
Volume: 9.50M
July 1, 2022 4:00p
P/E Ratio
18.90
Dividend Yield
0.27%
Market Cap
$62.26 billion
Rev. per Employee
$214,107
loading...
/zigman2/quotes/200043823/composite
US : U.S.: NYSE
$ 37.05
-0.15 -0.40%
Volume: 204,813
July 1, 2022 4:00p
P/E Ratio
3.81
Dividend Yield
6.27%
Market Cap
$14.32 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/203042512/composite
US : U.S.: NYSE
$ 8.46
-0.28 -3.20%
Volume: 6.40M
July 1, 2022 4:00p
P/E Ratio
6.42
Dividend Yield
2.48%
Market Cap
$17.96 billion
Rev. per Employee
$437,232
loading...
/zigman2/quotes/206581728/composite
US : U.S.: NYSE
$ 7.60
0.00 0.00%
Volume: 5.08M
July 1, 2022 4:00p
P/E Ratio
N/A
Dividend Yield
4.11%
Market Cap
$30.72 billion
Rev. per Employee
$377,068
loading...
/zigman2/quotes/208108397/composite
US : U.S.: NYSE
$ 54.13
-2.05 -3.65%
Volume: 4.13M
July 1, 2022 4:00p
P/E Ratio
8.25
Dividend Yield
12.93%
Market Cap
$143.57 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/204130805/composite
US : U.S.: OTC
$ 34.04
-1.47 -4.14%
Volume: 1,239
July 1, 2022 2:03p
P/E Ratio
4.97
Dividend Yield
8.49%
Market Cap
$47.71 billion
Rev. per Employee
$652,250
loading...
/zigman2/quotes/205108732/composite
US : U.S.: NYSE
$ 47.35
+0.71 +1.52%
Volume: 94,465
July 1, 2022 4:00p
P/E Ratio
6.07
Dividend Yield
6.61%
Market Cap
$138.25 billion
Rev. per Employee
$887,451
loading...

Moming Zhou is a MarketWatch reporter, based in San Francisco.

This Story has 0 Comments
Be the first to comment
More News In
Markets

Story Conversation

Commenting FAQs »

Partner Center

World News from MarketWatch

Link to MarketWatch's Slice.