ADRs End Higher; BHP Billiton, Credit Suisse and Fresenius Medical Care Trade Actively
June 06 2018 - 6:26PM
Dow Jones News
International stocks trading in New York closed higher on
Wednesday.
The BNY Mellon index of American depositary receipts rose 0.8%
to 151.10. The European index increased 0.9% to 138.87. The Asian
index went up 1% to 185.59. The Latin American index fell 0.7% to
221.16. And the emerging-markets index increased 0.5% to
328.94.
BHP Billiton Plc (BBL), Credit Suisse Group AG (CS) and
Fresenius Medical Care AG & Co. KGaA (FMS) were among those
with ADRs that traded actively.
Copper is up on supply fears amid labor discussions at BHP
Billiton's Escondida mine in Chile, but technical trading has also
magnified the price increase. Traders have reduced their bets on
falling prices and copper has climbed back above the symbolic
$7,000-a-ton barrier. Those factors add momentum to copper buying,
Commerzbank analysts say in a note. Investors are also watching for
Chinese import, export and trade balance data due Friday. ADRs of
BHP Billiton rose 3% to $47.86.
Credit Suisse will pay about $47 million to settle a U.S.
Justice Department probe of whether its hiring practices in Asia
violated a U.S. antibribery law. The lender said in its 2017 annual
report that it was cooperating with inquiries by the Justice
Department and the Securities and Exchange Commission into whether
it had hired "referrals" from government agencies and state-owned
entities in exchange for investment-banking business or regulatory
approvals, potentially breaching the Foreign Corrupt Practices Act.
The law forbids bribing foreign officials to win or maintain a
business advantage. ADRs of Credit Suisse rose 1.6% to $15.58.
Fresenius Medical Care's risk-reward ratio continues to look
balanced after a disappointing first quarter and the subsequent
strength of the U.S. dollar, say Barclays analysts. "Whilst we
await further clarity around calcimimetic dosing, the California
ballot initiative, CMS reimbursement for 2019 and the acquisition
of NxStage, we view risks balanced and valuation as fair," says
Barclays. ADRs of Fresenius Medical Care rose 1.5% to $51.31.
(END) Dow Jones Newswires
June 06, 2018 18:11 ET (22:11 GMT)
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