ADRs End Lower; Telecom Italia, China Unicom Trade Actively
November 13 2017 - 7:45PM
Dow Jones News
International stocks trading in New York closed lower on
Monday.
The BNY Mellon index of American depositary receipts declined
0.4% to 149.02. The European index decreased 0.5% to 137.54. The
Asian index eased 0.2% to 178.28. The Latin American index declined
0.2% to 238.81. And the emerging-markets index declined 0.3% to
322.07.
Telecom Italia SpA (TI, TIA, TIT.MI) and China Unicom (Hong
Kong) Ltd. (CHU, 0762.HK, K3ID.SG) were among those with ADRs that
traded actively.
Anheuser-Busch InBev (BUD, ABI.BT) is shuffling the leadership
of its North American business, putting a company veteran from
Brazil in charge of the largest U.S. brewer as it struggles to end
a long slump in sales of Budweiser and Bud Light. ADRs fell 0.3% to
$117.77.
Nomura analysts recommended that investors buy China Unicom's
stock. Despite market skepticism over the company's mixed-ownership
overhaul, Nomura sees a brightening earnings outlook for the mobile
operator. The firm says China Unicom's plan to improve operational
efficiency is on track as it implements measures aimed at
motivating employees. ADRs rose 2% to $15.51.
Telecom Italia bonds are more likely to drop than rise before
French Iliad's entry to the Italian market, expected in the first
quarter of 2018, UniCredit analyst Stephan Haber says in a note.
Many analysts have mentioned the potentially disruptive impact of
Iliad in Italy, given the company's track record in its home
market. And the potential spin-off of the Italian telecom's
fixed-line network is negative from a credit perspective, Mr. Haber
adds. ADRs fell 3% to $8.06.
(END) Dow Jones Newswires
November 13, 2017 19:30 ET (00:30 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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