International stocks trading in New York were mixed on Tuesday.
The BNY Mellon index of American depositary receipts fell 1.43% to
146.32. The European index decreased 1.9% to 143.13, the Asian
index dropped 0.83% to 143.85, the Latin American index rose 0.54%
to 288.14 and the emerging markets index declined 0.36% to 290.48.
Among the companies with shares that actively traded was Rio Tinto
PLC (RIO, RIO.LN).
Rio Tinto said it rejected a merger proposal this summer by
rival miner Glencore PLC--an approach that would have combined two
of the world's biggest mining giants and scramble the global
iron-ore market. Rio Tinto shares fell 4.1% to $49.38. Among other
miners, BHP Billiton Ltd. (BHP, BHP.AU) dropped 1.5% to $57.11 and
BHP Billiton PLC (BBL, BLT.LN) decreased 1.7% to $53.48.
Nokia Corp. (NOK, NOK1V.HE) said Tuesday it will suspend
manufacturing at its cellphone factory in India after a lengthy
dispute with the country's tax authorities--a setback as India
embarks on a high-profile campaign to woo foreign investment. The
tax battle prevented Nokia from selling the plant--once one of the
Finland-based company's largest factories, employing as many as
8,000 people--to Microsoft Corp. along with the rest of its handset
business earlier this year. Nokia shares fell 4% to $8.17.
UBS upgraded Petroleo Brasileiro SA (PBR, PETR3.BR, PETR4.BR),
or Petrobras, to buy from neutral on hopes that after the
presidential election, improved investment decision-making and
corporate-governance practices will help the state-run oil firm get
back on solid financial footing. While noting that challenges from
the broader economy remain, UBS thinks even if President Dilma
Rousseff is re-elected, Petrobras will be allowed to operate in a
more market-friendly way. Shares rose 4.2% to $16.46.
Write to Tess Stynes at tess.stynes@wsj.com
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