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4-Traders Homepage  >  Equities  >  Euronext Paris  >  CREDIT AGRICOLE    ACA   FR0000045072

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ADR Report: Shares Lower As Financials Fall

03/09/2012 | 04:56pm US/Eastern
   By Corrie Driebusch 

International companies trading in New York closed slightly lower Friday as the International Swaps and Derivatives Association, known as ISDA, declared that a credit event has occurred for Greek credit default swaps.

The move by the ISDA triggers the payout of credit-default swaps for investors who insured themselves against a Greek default.

The Bank of New York index of ADRs slipped 0.3% to 130.56, weighed down by financials, which had performed strongly the last few sessions.

ING Groep NV (ING, INGA.AE) fell 3.5% to $8.77; Deutsche Bank AG (DB, DBK.XE) dropped 2.1% to $46.19; and Credit Agricole SA (CRARY, ACA.FR) declined 3.7% to $3.05.

The European index fell 0.7% to 119.03.

Carnival PLC (CUK, CCL.LN) reported a better-than-expected fiscal first quarter despite the shipwreck of its Costa Concordia and reassuring trends in other brands tempered reaction to the cruise operator's sharp reduction to its full-year earnings outlook. Shares fell 1.5% to $30.08.

The Latin American index shed 0.7% to 373.37.

The recent rise in global oil prices to as high as $123 a barrel represented a "peak" and does not change Brazil's forecast for average prices in 2012 of $100 a barrel, Maria das Gracas Foster, chief executive of state-run energy company Petroleo Brasileiro SA (PBR, PETR4.BR), or Petrobras, said in a television interview Thursday night. "We don't believe that this recent high level [of oil prices] is going to hold," she told the Globo television network. Shares of Petrobras fell 2.1% to $27.93.

The Asian index rose 0.7% to 130.08, and the emerging markets index inched up 0.03% to 310.35.

Taiwanese flat-panel maker AU Optronics Corp. (AUO, 2409.TW) said Friday it plans to hire 2,500 engineers to develop more advanced touch sensor technologies and expand its solar business. Shares rose 2.7% to $5.42.

Offsetting those gains was Home Inns & Hotels Management Inc. (HMIN, K3UD.SG), whose fourth-quarter earnings slid and missed market expectations as macroeconomic conditions weighed on occupancy rates and revenue per available room at the Chinese hotel chain. Shares declined 6.4% to $27.80.

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

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