Bank of New York’s American Depository Receipts index had a price decline of 3.02% and a total-return decline of 2.97% in July, the result of weaker global economic activity.
Reversing the trend seen in the first half of this year, developed markets fared better than emerging markets in July. The BNY Developed Markets ADR index declined 2.63% on a price basis and 2.58% on a total-return basis, compared with a price decline of 6.08% and a total-return decline of 5.98% for the BNY Emerging Markets ADR index. The developed markets index has outperformed the emerging markets index only two times this year.
