ADRs End Higher; BHP Billiton, Credit Suisse and Fresenius Medical Care Trade Actively

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)

Credit Suisse (NYSE:CS)
Historical Stock Chart
From Mar 2024 to Apr 2024