ADRs to talk about

NEW YORK — Shares of European banks traded on U.S. exchanges moved higher Tuesday, with shares of Barclays Group PLC of Britain rising after it reported a small increase in write-downs for the fourth quarter.

Barclays led the gainers in the sector after it reported a write-down of 1.6 billion pounds, or $3.12 billion, in credit losses connected to the U.S. subprime mortgage market. That was up only slightly from its 1.3 billion-pound ($2.53 billion) write-down in November. Barclays said its full-year profit fell 3 percent.

The bank's ADRs climbed $3.39, or 9.6 percent, to $37.41 in afternoon trading. ADRs, or American Depositary Receipts, are securities that allow U.S. investors to trade shares of companies based overseas.

Citi Investment Research analyst Tom Rayner was less enthusiastic about the quarter, and he reiterated a "Sell" rating on Barclay's stock. He said Barclays reported significant exposure to U.S. mortgages, and to bonds insured by carriers at risk for financial strength downgrades.

He added that the company did not provide a clear forecast for 2008, which shows the bank may face significant risks.

"The need for disciplined risk management and a rigorous approach to lending appear to confirm a weakening outlook," he said.

On the losing side, shares of Credit Suisse AG slipped after the bank said it would take a charge of $1 billion because a number of traders failed to update the value of some securities, causing the bank to believe those securities were worth more than they actually were.

Credit Suisse said the moves were error and not fraud, and were made by a small number of traders. The stock fell $2.66, or 5.2 percent, to $48.22.

Elsewhere in the sector, shares of Deutsche Bank AG gained 95 cents to $111.22.

Banco Bilbao Vizcaya Argentaria of Spain rose 33 cents to $20.23.

ADRs of Spain's Banco Santander SA picked up 23 cents to $17.48.

Shares of German-based UBS AG slipped 43 cents to $32.71.

The Bank of New York Europe ADR index, which tracks European stocks traded on U.S. exchanges, added 2.30 points to 168.88 in afternoon trading.