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

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