ADR Report-ADRs slip amid credit, economic worries

By Steven C. Johnson

NEW YORK, Aug 7 (Reuters) - Overseas shares traded in the United States fell on Thursday as fears about financial sector instability and a worsening global growth outlook continued to worry investors.

The Bank of New York Mellon's index of leading American Depositary Receipts (ADRs) .BKADR fell 1.2 percent while the 30-share Dow Jones industrial average .DJI fell 0.9 percent.

Shares of major U.S. and European financial groups fell after quarterly results showed more credit-related damage.

American International Group (AIG.N), the world's largest insurance firm, said it lost $5.36 billion in the second quarter, its third straight quarterly loss while German insurer Allianz (ALVG.DE) also unveiled asset write-downs.

U.S.-traded shares of Allianz (AZ.N) fell 2 percent to $17.23, while Dutch insurer Aegon's (AEG.N) shares fell 8.6 percent to $11.72 on the New York Stock Exchange after it reported impairments on some U.S. mortgage investments.

The Bank of New York Mellon's index of leading European ADRs .BKEUR shed 1.1 percent. In Europe, the FTSEurofirst 300 .FTEU3 index of top European shares closed down 0.2 percent.

New York-traded shares in Ireland's Allied Irish Bank (AIB.N) fell 5 percent to $28.62.

The Bank of New York Mellon's index of leading Asian ADRs .BKAS fell 2 percent. Overnight in Asia, shares ended lower in most major markets.  Continued...