Weak US dollar lifts ADRs

Overseas shares traded in the United States rose on Friday with positive comments out of Europe helping to ease concerns about the region's sovereign debt crisis. George Provopoulos, a member of the European Central Bank Governing Council, said Greece would be able to repay its debt in full without restructuring if it sticks to an austerity plan.
The comments alleviated concerns about the sector and also hit the US dollar index, which slumped 0.8 percent. The dollar's weakness lifted commodity prices, with oil up 0.1 percent and copper up more than 2 percent, giving a boost to material and energy shares.
In Europe, BHP Billiton Plc rose 1.1 percent to $78.49 while Chinese oil company CNOOC Ltd shot up 2 percent to $243.27. Mining giant Rio Tinto advanced 1.8 percent to $70. The BNY Mellon index of leading American Depository Receipts (ADRs) rose almost 1 percent, while the US benchmark S&P 500 index added 0.4 percent in thin trading ahead of a holiday weekend.
The BNY Mellon index of leading European ADRs rose nearly 1 percent while Europe's FTSEurofirst 300 index of top shares ended 0.7 percent higher. Banks were the big gainers in Europe after the Financial Times reported that Basel III capital requirements would not be as stringent as previously expected. Barclays Plc rose 1.5 percent to $18.24 while Deutsche Bank added 1.9 percent to $58.27.
The BNY Mellon index of leading Asian ADRs rose 0.7 percent. In Asia, Hong Kong shares climbed on strength in oil stocks, though the Shanghai market posted its worst week in 11 months as tight liquidity in the system weighed on sentiment. The BNY Mellon index of leading Latin American ADRs gained 1.3 percent. Latin American stocks advanced, with energy and material shares gaining. Petroleo Brasil rose 1.4 percent to $34.64 while miner Vale S.A.