International stocks trading in New York closed higher on
Tuesday. The BNY Mellon index of American depositary receipts rose
0.2% to 145.96. The European index increased 0.2% to 143.74, the
Asian index edged up 0.1% to 151.09, the Latin American index
increased 0.4% to 230.01 and the emerging markets index improved
0.05% to 272.04. Among the companies with shares that actively
traded were major Chinese oil companies.
The Wall Street Journal reported China is considering forging
megamergers among its big state oil companies, seeking to create
new national champions able to take on the likes of Exxon Mobil
Corp. and produce greater efficiencies at a time of low prices. The
Journal reported that one involves potentially combining the
country's largest oil companies, China National Petroleum Corp., or
CNPC, and its main domestic rival, China Petrochemical Corp., or
Sinopec. Other options look at merging two other major energy
companies, China National Offshore Oil Corp., or Cnooc, and
Sinochem Group, the Journal stated. Shares of PetroChina Co. (PTR,
K3OD.SG, 601857.SH, 0857.HK), rose 1.9% to $113.99; Cnooc Ltd.
(CEO) increased 1.4% to $145.22; China Petroleum & Chemical
Corp. (SNP) advanced 3.7% to $83.12.
Shares in construction firm Empresas ICA SAB (ICA, ICA.MX) fell
a day after Mexico's national oil company Pemex announced it was
postponing several refinery projects as the result of budget cuts
approved by its board in response to low oil prices. Empresas
shares fell 7.4% to $3.26.
Telecom operator Orange SA (ORAN, ORA.FR) said sales and profits
will continue to decline this year, but less sharply than in
previous years, as the road to recovery in the France-based telecom
company's intensely competitive domestic market is under way.
Shares fell nearly 1% to $18.34.
Teva Pharmaceutical Industries Ltd. (TEVA, TEVA.TV) agreed to a
licensing agreement that lets it promote and distribute Eagle
Pharmaceuticals Inc.'s (EGRX) cancer treatment EP-3102--a potential
competitor to Teva's own treatment--in the United States. Teva
shares rose 1% to $57.
Write to Tess Stynes at tess.stynes@wsj.com
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