ADRs End Lower; China's Tech Giants Trade Actively

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10/12/2017 | 09:55 pm


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. (>> Weibo Corp (ADR)) and a unit of Alibaba Group Holding Ltd. (>> Alibaba Group Holding)--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.





Stocks mentioned in the article : Weibo Corp (ADR), Alibaba Group Holding
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