International stocks trading in New York closed lower on
Tuesday.
The BNY Mellon index of American depositary receipts edged down
0.43% to 149.90. The European index eased 0.38% to 147.31; the
Asian index dropped 0.14% to 158.77; the Latin American index
dropped 1.7% to 228.18; and the emerging markets index declined
0.35% to 273.49. Vodafone Group PLC (VOD, VODPF, VOD.LN) was among
the companies with ADRs that traded actively.
Vodafone reported quarterly revenue growth for the first time in
nearly three years, hailing a steady recovery in its key European
markets. The U.K.-based mobile telecom giant said that excluding
certain items such as handset sales, acquisitions, disposals and
currency impacts, revenue ticked up 0.1% during period ended March
31. However, analysts said that while Vodafone's comments on Europe
were welcome, overhaul costs were hitting the company's profit.
ADRs fell 31 cents to $36.20.
The Brazilian unit of Spanish bank Banco Santander SA (SAN,
SAN.MC) will study the possible acquisition of HSBC Holding PLC's
(HSBC, HSBA.LN, 0005.HK) assets in the South American country. "We
can't speak for HSBC Brazil, but there's a very initial process for
the sale of the bank [in Brazil] that we're going to analyze," said
Jesus Zabalza, chief executive of Banco Santander (Brasil) SA
(BSBR, SANB3.BR, SANB4.BR, SANB11.BR). The Santander unit's ADRs
fell 1.6% to $5.63. HSBC fell 1.2% to $47.85.
Several executives in the hedge-fund financing unit of Barclays
PLC (BCS, BARC.LN) are leaving to join other firms, the latest sign
of churn in global prime-brokerage ranks as banks realign their
businesses under new regulatory constraints. ADRs fell six cents to
$16.30.
Itau Unibanco Holding SA (ITUB, ITUB3.BR, ITUB4.BR) became the
second Brazilian player to tap the international debt market this
year but the first to tap the dollar denominated bond market,
paving the way for other local players. The bank raised $1 billion
from a three-year denominated bond, paying an annual yield of
2.85%, The Wall Street Journal reported. ADRs fell 1.6% to
$12.18.
Orange SA (ORAN, ORA.FR) received European Union approval for
its 3.4 billion euro ($3.87 billion) acquisition of Spanish
broadband and cellphone operator Jazztel PLC after agreeing to a
package of divestments and network-sharing agreements that would
help launch a new telecoms operator in Spain. Orange ADRs fell 1.1%
to $16.49.
A Brazilian federal court said late Monday that it accepted
charges filed last week by prosecutors against four former members
of congress and nine other people for alleged crimes related to
corruption at state-owned oil giant Petroleo Brasileiro SA (PBR,
PETR3.BR, PETR4.BR), or Petrobras. The court's acceptance allows
the cases to move forward. Petrobras ADRs fell 6.2% to $9.09.
A $5.4 billion expansion of one of Rio Tinto PLC's (RIO, RIO.LN,
RIO.AU) biggest mining projects looks set to go ahead, after the
Anglo-Australian company reached a deal with the Mongolian
government that ends two years of tense negotiations. Rio Tinto
described the accord as a significant step forward for the Oyu
Tolgoi project. Oyu Tolgoi is mostly owned by Turquoise Hill
Resources Ltd., which in turn is controlled by Rio Tinto. ADRs fell
3.1% to $44.25.
Royal Dutch Shell PLC (RDSA, RDSA.LN) remains optimistic about
the future of oil prices, despite the dramatic slump in recent
months, senior executives said at the oil giant's annual meeting in
The Hague. ADRs fell 1.5% to $61.25.
Brazilian mining giant Vale SA (VALE, VALE3.BR, VALE5.BR,
VALE5.FR) signed a number of deals with Chinese banks and shipping
companies during an official visit by the Asian country's prime
minister. In the largest deal, Vale signed a preliminary deal with
the Industrial and Commercial Bank of China, or ICBC, for as much
as $4 billion in syndicated loans, bilateral loans, export credit,
trade finance and other potential financing arrangements. Vale ADRs
fell 1.1% to $6.61.
Write to Tess Stynes at tess.stynes@wsj.com
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