ADR REPORT: Shares Rise on Spanish Debt Sale, Stimulus Hopes

Date : 06/19/2012 @ 6:22PM
Source : Dow Jones News
Stock : Rio Tinto (RIO)
Quote : 40.34  0.23 (0.57%) @ 5:37PM

ADR REPORT: Shares Rise on Spanish Debt Sale, Stimulus Hopes

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   By Mia Lamar 
 

International companies trading in New York closed sharply higher Tuesday after bond yields in crisis-hit Spain and Italy eased and investors anticipated signals of support from a Federal Reserve policy meeting Wednesday.

The Bank of New York index of ADRs rose 2.1% to 118.59 as financial stocks landed solidly in the green, reversing Monday's declines.

Good demand in Spain's auction of 12- and 18-month Treasury bills encouraged investors. The yield on the 10-year government bond fell just below the critical 7%, well off the euro-era high of 7.17% reached Monday.

Spanish bank shares ended the New York session markedly higher. Banco Bilbao Vizcaya Argentaria (BBVA, BBVA.MC) gained 3.5% to $6.53 while Banco Santander (SAN, SAN.MC) rose 3.2% to $6.06.

The European index jumped 2.2% to 109.56.

Elsewhere in the region, shares of Dutch life insurance and pension company Aegon NV (AEG, AGN.AE) climbed 5% to end at $4.46. Chief Executive Alex Wynaendts told Dow Jones Newswires Tuesday the company plans to reduce its exposure to Spain and exit some joint-ventures there on expectations that the country's economy could struggle for years to come.

The Asian index rose 1.2% to 117.43 as resource stocks ended higher on gains in metals markets. Copper climbed 1.1% Tuesday on hopes of new economic stimulus from the Federal Reserve that could be a boon for copper prices. Australia's Rio Tinto Plc (RIO, RIO.AU)--a major copper miner--jumped 2.5% to $48.05.

The Latin American index rose 3.3% to 320.44 while the emerging markets index jumped 2.2% to 273.35. South America's major banks drew strength from their peers overseas, leaving Argentina's Banco Macro SA (BMA, BMA.BA) to end 3.9% higher at $12.47 and Brazil's Itau Unibanco Holding (ITUB, ITUB3.BR) to jump 3.7% to $15.06.

-Write to Mia Lamar at mia.lamar@dowjones.com




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