Home UK ADR Shares End Lower Amid UK Economic Concerns – Fox Business

ADR Shares End Lower Amid UK Economic Concerns – Fox Business


International companies trading in New York closed lower Tuesday as data fanned concerns that the U.K. economy is slipping back toward recession, weighing on stocks despite an upbeat view from Germany.

The Bank of New York index of ADRs slid 0.5% to 136.92.

Manufacturing output in the U.K. fell 1.5% in January, much worse than expectations for slight growth.

Meanwhile, Germany’s Economy Ministry said the economy was on the verge of recovery.

In Asia, China’s central bank signaled it would drain more liquidity from the financial system.

The European index fell 0.3% to 128.46.

U.K. banks and financial services firms contributed to the losses. HSBC Holdings PLC (HBC, HSBA.LN) fell 0.9% to $54.33, while Barclays PLC (BCS, BARC.LN) dropped 0.6% to $18.66. Lloyds Banking Group PLC (LYG, LLOY.LN) ended the day flat at $3.02.

However, bucking that trend was the Royal Bank of Scotland Group PLC (RBS, RBS.LN), which posted gains after it said Tuesday it would sell down more of its stake in insurance group Direct Line (DLG.LN) to meet European Union state-aid rules. Shares rose 1.7% to $9.15.

The Asian index dropped 1.1% to 137.48.

Indian banks weighed on the index amid higher February consumer price inflation. HDFC Bank Ltd. (HDB, 500180.BY) shares fell 3.4% to $38.92, while ICICI Bank Ltd. (IBN, 532174.BY) shares dropped 2.3% to $44.11.

Camelot Information Systems Inc. (CIS) said it received an offer to be taken private from a group including its chief executive in a deal that values the Chinese IT services company at about $82 million. The buyout offer–made by Chairman and CEO Simon Yiming Ma, President Heidi Chou and Executive Vice President Yuhui Wang–of $1.85 per American depositary share represents a 23% premium over Camelot’s Monday closing price. Shares rose 13% to $1.69.

The Latin American index edged down 0.1% to 335.98 and the emerging markets index fell 0.7% to 288.93.

Brazilian homebuilder Gafisa SA (GFA, GFSA3.BR) fell 3.7% to $4.16 after reporting a fourth-quarter loss of BRL98.9 million ($50.4 million), narrowing its year-earlier loss.

Write to Anna Prior at anna.prior@dowjones.com

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ADR Shares End Lower Amid UK Economic Concerns – Fox Business

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