ADRs End Lower; Petrobas, AstraZeneca and Alibaba Trade Actively
May 29 2018 - 7:53PM
Dow Jones News
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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