ADRs End Lower; Telecom Italia, China Unicom Trade Actively

Features Dow Jones Newswires

International stocks trading in New York closed lower on Monday.

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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.

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(END) Dow Jones Newswires

November 13, 2017 19:30 ET (00:30 GMT)