Bank, other ADRs bounce back; energy shares up: ADR report

NEW YORK: US-listed shares of European banks bounced back on Wednesday as investors saw some signs of progress in the euro zone debt crisis.

Shares of Deutsche Bank rose 4.6 percent to $35.13 in New York, while Barclays gained 5.8 percent to $10.46, ING Group added 5.6 percent to $7.54 and UBS climbed 4.6 percent to $12.91.

Banks' potential high exposure to sovereign debt from European countries with troubling debt levels has been weighing on bank shares.

Germany's highest court rejected a series of lawsuits aimed at blocking the country's participation in bailout packages for Greece and other euro-zone countries.

Among other German ADRs, SAP AG rose 3.8 percent to $52.84 while Siemens AG advanced 3.7 percent to $97.10.

Also, overseas Greek bank stocks surged as the government made a fresh promise to implement reforms demanded by its international lenders.

US-listed shares of National Bank of Greece advanced 8.4 percent to 90 cents.

US-listed shares of energy companies also gained as oil advanced to a five-week high. Brent crude was up $2.54 at $115.43 a barrel.

Shares of France's Total SA gained 3.2 percent to $46.63, while Canada's Suncor Energy jumped 3.6 percent to $30.71.

Shares of some miners also surged, including Brazil's Vale, up 3.9 percent at $28.13.

The BNY Mellon index of leading American Depositary Receipts (ADRs) jumped 2.3 percent after three sessions of losses, while the US benchmark S&P 500 index gained 2.5 percent.

The BNY Mellon index of leading Asian ADRs shot up 2.3 percent, while the BNY Mellon index of leading European ADRs also gained 2.3 percent.

The BNY Mellon index of leading Latin American ADRs climbed 2.3 percent.

Copyright Reuters, 2011