US-listed shares of foreign companies rose on Friday as better-than-expected data on the US economy fuelled investors' appetite for risky assets. The gains were from Asian and European companies, with growth-related stocks leading the charge.
Chinese companies traded in the United States rose as both Hong Kong and China shares edged higher. The Hang Seng Index rose 1.3 percent on Friday, driving it up 1.9 percent for the week. The China Enterprises Index of top locally listed mainland firms rose 1.9 percent on the day, outperforming the broader market.
The Shanghai Composite Index ended up 0.9 percent, closing above the technically crucial 2,200 level as it recovered from Thursday's dip to a 33-month intraday low. US-traded shares of Yangzhou rose 6.4 percent to $21.32, and China Unicom rose 1.2 percent to $21.39.
In Europe, shares turned in their best weekly performance since early December on optimism about a global recovery. But with the euro zone debt crisis far from over and the heart of fresh corporate or sovereign credit rating downgrades looming, investors were reluctant to buy shares of European banks.
Barclays PLC was flat at $11.25 and Deutsche Bank rose just 0.5 percent to $38.79. The BNY Mellon index of leading American Depository Receipts gained 0.4 percent, while the Standard & Poor's 500 index rose 0.6 percent. The BNY Mellon index of leading Asian ADRs gained 0.4 percent, while the BNY Mellon index of leading European ADRs rose 0.5 percent. The BNY Mellon index of leading Latin American ADRs rose 0.2 percent.
Comments
Comments are closed.