ADRs End Monday off 2.3%; Alibaba's ADRs Down Amid US-China Tensions
By Micah Maidenberg
The S&P/BNY Mellon of American depositary receipts fell 2.3%
Monday to 148.14. The European index closed at 122.14, 1.7% lower.
The emerging-markets and the Asian indices dropped 2.9% and almost
3%, respectively, closing at 387.86 and 217.33. The index for Latin
American ADRs decreased 1.9% to 175.19.
Alibaba Group Holding Ltd.'s ADRs traded heavily Monday and
ended the day valued at $263.36, down 4.8% overall. This week,
leaders in the House of Representatives plan to have lawmakers
consider a rule that would require Chinese companies to either move
toward receiving an annual audit reviewed by federal regulators or
remove shares from trading in the U.S.
Officials in China have criticized the proposal, according to a
recent report in The Wall Street Journal.
ADRs for oil producers--including Cnooc Ltd., BP PLC and Eni
SpA--sold off. OPEC pushed off until later this week a decision on
whether it would extend oil-output cuts, putting pressure on oil
Meanwhile, Exxon Mobil Corp. on Monday afternoon in New York
released a spending forecast projecting less investing than it
previously expected annually through 2025. The company is also
preparing to cut the book value of assets by as much as $20
billion, in a sign of the challenges facing the company and demand
for crude more broadly.
Cnooc's ADRs fell 19%, while BP fell 7.3% and Eni's dropped
Write to Micah Maidenberg at email@example.com
(END) Dow Jones Newswires
November 30, 2020 19:24 ET (00:24 GMT)
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