International stocks trading in New York closed lower on Tuesday.

The BNY Mellon index of American depositary receipts fell 2.1% to 146.57. The European index decreased 2.3% to 135.06. The Asian index went down 1.3% to 177.50. The Latin American index dropped 4.3% to 224.64. And the emerging-markets index decreased 2% to 318.36.

Petroleo Brasileiro SA (PBR), AstraZeneca PLC (AZN) and Alibaba Group Holding Ltd. (BABA) were among those with ADRs that traded actively.

Brazil state-controlled oil company Petrobras has been adjusting fuel prices daily to reflect the market, but its strategy is opposed by several groups, including employees who are threatening a strike as soon as Wednesday. That would follow a trucking strike that started last week, causing widespread economic disruption and forcing the government to agree to several price concessions. ADRs of Petrobas were down 5.5% to $11.92.

AstraZeneca's Lynparza drug, which has been approved to treat ovarian and breast cancer, might have potential as a prostate cancer drug, says Berenberg, and raises its 2023 sales estimate to $2.1 billion from $1.3 billion on the assumption of greater use for prostate cancer. Data from a trial shows that Lynparza in combination with cancer drug Zytiga extended progression-free survival by more than five months compared with Zytiga alone. "This could mean that Lynparza ultimately has a much wider role to play in prostate cancer," says the broker. ADRs of AstraZeneca were down 1.8% to $36.38.

Facing tougher competition in online retailing, Chinese e-commerce giant Alibaba Group Holding Ltd. and its logistics arm are leading a $1.4 billion effort to boost their delivery capabilities. Under the deal announced Tuesday, investors led by Alibaba and its majority-owned logistics unit Cainiao Network will spend almost $1.4 billion to buy a 10% stake in express-delivery company ZTO Express Inc. of Shanghai, which delivered more than 6 million parcels last year. ADRs of Alibaba were down 0.6% to $198.

 

(END) Dow Jones Newswires

May 29, 2018 19:38 ET (23:38 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.
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