International stocks trading in New York closed lower Monday,
with the Bank of New York index of American depositary receipts
slipping 0.1% to 149.03. The European index was essentially flat at
147.24, the Asian index fell 0.3% to 146.62, the Latin American
index dropped 0.7% to 274.27 and the emerging markets index
decreased 0.7% to 268.48. Among the companies with shares that
actively traded are YPF SA (YPF, YPFD.BA) and Telefonica SA (TEF,
TEF.MC).
Morgan Stanley initiated coverage of Argentina's state-run oil
company YPF at overweight with a $50 price target, saying in a note
to clients that "renewed access to capital markets should allow YPF
to develop its sizeable share resources, reversing five years of
declining output." Shares added 0.9% to $32.58.
Spanish telecom company Telefonica denied a press report that it
is preparing a sale of Telecom Italia SpA's (TI, TIA, TIT.MI)
Brazilian unit amid mounting speculation of possible market
consolidation in Latin America's largest economy. Telefonica, which
doesn't usually comment on speculation, issued the denial in a
regulatory filing Monday after it was asked to clarify its position
by Consob, the Italian market regulator. Telefonica shares edged up
0.3% to $15.88, while Telecom Italia's shares added 0.3% to
$10.31.
Shares of Brazil's state-controlled biggest utility, Centrais
Eletricas Brasileiras SA (EBR, ELET6.BR), or Eletrobras rose after
Brazil's energy research agency EPF said Monday that industrial
power consumers for the 12 months ended in November used more
energy than the year-earlier period, the first gain since 2012.
Shares rose 2% to $2.57.
JinkoSolar Holding Co. (JKS) said it entered into project loan
agreements with China Development Bank, where the bank's Zhejiang
Branch will provide a roughly $66 million loan to the Chinese solar
company to develop JinkSolar's three photovoltaic solar projects
located in Xinjiang and Qinghai provinces. Shares rose 9.3% to
$35.56.
Brazilian state-run energy giant Petroleo Brasileiro SA (PBR,
PETR3.BR, PETR4.BR), or Petrobras, has suffered a series of
refinery accidents over the past two months as the firm struggles
to subsidize domestic full prices and meet growing demand for
gasoline and diesel. A weekend blaze at the Reduc refinery in Duque
de Caxias, a poor suburb of Rio de Janeiro, was the fourth accident
at a Petrobras-operated refinery since the end of November. While
nobody was injured in Saturday's fire, a previous accident at Reduc
in November killed one worker. Shares edged up 0.3% to $13.16.
Write to Anna Prior at anna.prior@wsj.com