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ADRs Lose Ground as Federal Reserve Officials Look at Rate Hike in 2023

06/16/2021 | 04:40pm EDT

By Micah Maidenberg

The S&P/BNY Mellon index of American depositary receipts fell 0.8% to close at 171.81. The European index closed at 146.9, down 0.9%. The Asian index was off 0.7% at 237.8, and the Latin American index dropped 1.1% to 225. The index for emerging-markets ADRs recorded a 1% decline, and ended the day at about 412.

The American depository receipts for Itau Unibanco Holding SA gained 1.4% to $6.54 amid heavy volume Wednesday. The Brazilian banking and financial-services company said in a filing that it planned to contribute 400 billion Reais, equivalent to roughly $79 billion, by 2025 to support what it called a "sustainable, increasingly greener and more inclusive economy."

Itau said the funds will go toward credit for borrowers in sectors like education, health and infrastructure, be tied to deals for products such as green bonds and financing for electric cars.

Meanwhile, ADRs for some oil producers and natural-resource companies traded lower as Federal Reserve officials signaled they expect to boost interest rates by late 2023, sooner than they had anticipated in March. Higher interest rates could slow economic growth, thus lowering demand for some metals and crude products.

Separate ADRs for BHP were both down around 1.5% to close at $59.92 and $73.82, while ADRs for BP PLC dropped 1.6% to $27.93. However, ADRs for the state-controlled Brazilian oil producer, Petroleo Brasileiro SA gained 0.9% to $11.80.

Write to Micah Maidenberg at micah.maidenberg@wsj.com

(END) Dow Jones Newswires

06-16-21 1639ET

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