ADRs End Lower; China's Tech Giants Trade Actively
October 12 2017 - 6:10PM
Dow Jones News
International stocks trading in New York closed down on
Thursday.
The BNY Mellon index of American depositary receipts declined
0.3%, to 150.34. The European index eased 0.2%, to 140.22. The
Asian index declined 0.4%, to 174.04. The Latin American index
decreased 0.3%, to 255.89. And the emerging-markets index fell
0.5%, to 325.24.
China's big technology companies were among those with ADRs that
traded actively.
HSBC Holdings PLC (HSBC, HBSBA.LN, 0005.HK) on Thursday named
retail head John Flint as its next chief executive, signaling
continuity in the Asia-focused bank's strategy. Mr. Flint, the
preferred pick of outgoing Chief Executive Stuart Gulliver, has
been with the bank since joining in 1989. The naming of a new chief
executive comes less than two weeks after Chairman Mark Tucker
started in his new role. Mr. Tucker, HSBC's first outside chairman
since the bank's founding in 1865, was tasked with finding a new
chief executive after Mr. Gulliver said in March he would retire in
2018. Mr. Flint, 49 years old, will start the role in February.
ADRs closed down 0.6%, at $49.23.
The Chinese government is pushing some of its biggest tech
companies--including Weibo Corp. (WB) and a unit of Alibaba Group
Holding Ltd. (BABA)--to offer the state a stake in them and a
direct role in corporate decisions. While the government already
exerts heavy sway over businesses through regulation, a management
role would give Beijing a direct hand in innovative companies that
service hundreds of millions of Chinese. Weibo's ADRs fell 0.8%, to
$98.86, while Alibaba fell 2.3%, to $180.53.
Ryanair PLC (RYAAY, RYA.LN, RY4C.DB) said Thursday it plans to
refer German rival Deutsche Lufthansa AG's (DLAKY, LHA.XE) 210
million euro ($248.8 million) acquisition of parts of Air Berlin to
European competition authorities. Ryanair already filed a complaint
with the EU in August, after Air Berlin filed for insolvency, in
order to stop a potential takeover. Ryanair says they believe the
deal may result in higher prices for consumers and enable Lufthansa
to control important airport takeoff and landing slots in Germany.
ADRs of Ryanair closed down 1.7%, at $106.68, while Lufthansa's,
which trade over the counter, rose 2%, to $29.72.
Royal Dutch Shell PLC (RDSB, RDSB.LN) said Thursday that it is
buying electric-vehicle-charging provider NewMotion for an
undisclosed sum. NewMotion operates more than 30,000 private
electric-charge points for homes and businesses in the Netherlands,
Germany, France and the U.K. It also provides access to a network
of more than 50,000 public charging points across 25 European
countries, serving more than 100,000 registered charge cards. ADRs
closed down 0.7%, at $62.40.
(END) Dow Jones Newswires
October 12, 2017 17:55 ET (21:55 GMT)
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