International stocks trading in New York closed lower
Tuesday.
The BNY Mellon index of American depositary receipts fell 1.4%
to 142.59. The European index decreased 0.9% to 144.25, the Asian
index lost 2.2% to 146.41, the Latin American index slid 2.9% to
185.44, and the emerging markets index dropped 2.7% to 233.73. BHP
Billiton and ArcelorMittal were among the companies with ADRs that
traded actively.
China's devaluation of its currency jolted global markets, with
companies that export to China coming under the most intense
pressure.
Among mining companies whose ADRs lost ground, BHP Billiton PLC
(BBL, BLT.LN) fell 4.8% to $37.82 and BHP Billiton Ltd. (BHP,
BHP.AU) dropped 5% to $36.21; Rio Tinto PLC (RIO, RIO.AU, RIO.LN)
decreased 3.7% to $40.07; and Vale SA (VALE, VALE3.BR, VALE5.BR,
VALE5.FR) shed 5.7% to $5.32.
Among steelmakers, ArcelorMittal (MT, MT.FR, MT.AE) slid 4.6% to
$9.24; Companhia Siderurgica Nacional (SID, CSNA3.BR) dropped 7% to
$1.06, and Gerdau S/A (GGB, GGBR3.BR, GGBR4.BR) decreased 5.7% to
$1.67.
Chinese airlines also took a beating on potential currency
losses. China Eastern Airlines Corp. (CEA, 0670.HK, 600115.SH,
K3CD.SG) slid 14% to $36.83, and China Southern Airlines Co. (ZNH,
1055.HK, 600029.SH, K3TD.SG) skidded 17% to $44.23.
Greece and its creditors agreed on terms of a new bailout for
the country, which, if ratified by other eurozone governments,
could unlock up to 86 billion euros ($94.76 billion) in financing
over the next three years. ADRs of National Bank of Greece SA (NBG,
ETE.AT) rose 3.7% to 87 cents.
ADRs of Alibaba Group Holding Ltd. (BABA) fell 3.9% to $77.34
after the Chinese e-commerce giant's financial-services affiliate
led a $200 million investment round for a Chinese startup that
makes microloans to students. The affiliate, Zhejiang Ant Small
& Micro Financial Services Group, or Ant Financial, said its
Alipay online-payment unit and Sesame Credit credit-scoring unit
plan to work with the new strategic partner, Qufenqi, which lets
university students pay for online purchases in installments.
Credit Suisse Group AG (CS, CSGN.VX) is in talks with regulators
to settle allegations of wrongdoing at its "dark pool" with a
record fine in the high tens of millions of dollars, The Wall
Street Journal reported. ADRs fell 2.1% to $28.52.
ADRs of Posco (PKX, 005490.SE) fell 5.5% to $40.18 amid the
devaluation of China's currency. The South Korean steelmaker also
said it signed an agreement with a unit of India's Uttam Galva
Group to set up a steel plant in the western state of Maharashtra.
The move comes weeks after Posco put a $12 billion project in the
eastern state of Orissa on hold, which had a much larger production
capacity.
ADRs of Prudential PLC (PUK, PRU.LN, K6S.SG, 2378.HK) gained
4.3% to $49.28 after the British insurer reported that its
first-half operating profit rose 17%, buoyed by the strong
performances of the company's operations in Asia and the U.K.
Prudential also said its interim dividend increased by 10%.
Write to Tess Stynes at tess.stynes@wsj.com
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