ADR Report: Shares Lower On Weak US Jobs Report, China Inflation

Apr 09, 2012

NEW YORK (Dow Jones)--International companies trading in New York closed lower Monday, in line with the broader market, after a weak American employment report and news that China's inflation accelerated in March.

The Bank of New York index of ADRs shed 0.7% to 126.12 as Japanese exporters were pressured by the yen's strength. The yen was higher against the dollar and euro in Asia Monday as weaker-than-expected U.S. jobs data Friday cast doubt on a quick recovery in the U.S. economy, causing investors to shun riskier bets in favor of the safe-haven Japanese currency.

Toyota Motor Corp. (TM, 7203.TO) fell 2.6% to $81.70, Hitachi Ltd. (HIT, 6501.TO) lost 1.6% to $63.61, Nissan Motor Co. (NSANY, 7201.TO) declined 2.9% to $20.34 and Honda Motor Co. (HMC, 7267.TO) shed 2.4% to $36.13.

The Asian index tumbled 1.4% to 125.55 and the emerging markets index dropped 1% to 298.21.

Shares of Japanese brokerages traded broadly lower as concerns over the global economic recovery continue to weigh on the broader stock markets and trading volume. Nomura Holdings Inc. (NMR, 8604.TO) closed off 2.3% at $4.20.

The Latin American index fell 0.7% to 358.64 as the price of oil fell Monday, briefly brushing eight-week lows as talks between Iran and major powers set for later this week helped cool worries about conflict in the oil-producing region.

Shares of Brazilian state-run oil producer Petroleo Brasileiro SA (PBR, PETR3.BR, PETR4.BR), or Petrobras, fell 1.5% to $24.91.

The European index fell 0.5% to 115.34, with financial stocks weighing on the sector.

Deutsche Bank (DB, DBK.XE) slipped 1.7% to $44.98, ING Groep NV (ING, INGA.AE) declined 2% to $7.37 and Societe Generale SA (SCGLY, GLE.FR) inched down 1% to $5.17.

-By Corrie Driebusch, Dow Jones Newswires; 212-416-2143; corrie.driebusch@dowjones.com

(END) Dow Jones Newswires

April 09, 2012 16:32 ET (20:32 GMT)