ADR Report-European banks lead broad sell-off
NEW YORK, Sept 6 | Tue Sep 6, 2011 10:58am EDT
NEW YORK, Sept 6 (Reuters) - U.S.-listed shares of European lenders tumbled on Tuesday as renewed concern with the ability of governments to solve the debt crisis grips the region's banking system.
European shares slumped, with banks hitting a 29-month low on worries about the political handling of the euro zone debt crisis. A regional index of European bank stocks .SX7P fell 2.9 percent and is down nearly 12 percent so far in September. For details see [.EU].
UBS (UBS.N) fell 11.9 percent to $12.61 and Barclays (BCS.N) slumped 9.5 percent to $9.59 in New York, while HSBC Holdings (HBC.N) dropped 4.7 percent to $40.40 and Spain's Banco Santander (STD.N) lost 7.9 percent to $7.90. RBS (RBS.N) lost 14 percent to $6.82 and Credit Suisse (CS.N) fell 13.8 percent to $23.59.
Investors worry that some of these banks have high exposure to sovereign debt from countries whose debt levels could be spiraling out of control. Concerns over whether Greece will receive its next aid tranche took center stage again.
The BNY Mellon index of leading American Depositary Receipts (ADRs) .BKADR was down 4.3 percent, while the U.S. benchmark S&P 500 index .SPX dropped 2.8 percent.
The BNY Mellon index of leading Asian ADRs .BKAS fell 3.2 percent, while the BNY Mellon index of leading European ADRs .BKEUR lost 5 percent.
The BNY Mellon index of leading Latin American ADRs .BKLA lost 4 percent. (Reporting by Rodrigo Campos; Editing by Theodore d'Afflisio
