ADRs End Lower; Miners, Steelmakers Among Decliners

International stocks trading in New York closed lower Tuesday.

The BNY Mellon index of American depositary receipts fell 1.4% to 142.59. The European index decreased 0.9% to 144.25, the Asian index lost 2.2% to 146.41, the Latin American index slid 2.9% to 185.44, and the emerging markets index dropped 2.7% to 233.73. BHP Billiton and ArcelorMittal were among the companies with ADRs that traded actively.

China's devaluation of its currency jolted global markets, with companies that export to China coming under the most intense pressure.

Among mining companies whose ADRs lost ground, BHP Billiton PLC (BBL, BLT.LN) fell 4.8% to $37.82 and BHP Billiton Ltd. (BHP, BHP.AU) dropped 5% to $36.21; Rio Tinto PLC (RIO, RIO.AU, RIO.LN) decreased 3.7% to $40.07; and Vale SA (VALE, VALE3.BR, VALE5.BR, VALE5.FR) shed 5.7% to $5.32.

Among steelmakers, ArcelorMittal (MT, MT.FR, MT.AE) slid 4.6% to $9.24; Companhia Siderurgica Nacional (SID, CSNA3.BR) dropped 7% to $1.06, and Gerdau S/A (GGB, GGBR3.BR, GGBR4.BR) decreased 5.7% to $1.67.

Chinese airlines also took a beating on potential currency losses. China Eastern Airlines Corp. (CEA, 0670.HK, 600115.SH, K3CD.SG) slid 14% to $36.83, and China Southern Airlines Co. (ZNH, 1055.HK, 600029.SH, K3TD.SG) skidded 17% to $44.23.

Greece and its creditors agreed on terms of a new bailout for the country, which, if ratified by other eurozone governments, could unlock up to 86 billion euros ($94.76 billion) in financing over the next three years. ADRs of National Bank of Greece SA (NBG, ETE.AT) rose 3.7% to 87 cents.

ADRs of Alibaba Group Holding Ltd. (BABA) fell 3.9% to $77.34 after the Chinese e-commerce giant's financial-services affiliate led a $200 million investment round for a Chinese startup that makes microloans to students. The affiliate, Zhejiang Ant Small & Micro Financial Services Group, or Ant Financial, said its Alipay online-payment unit and Sesame Credit credit-scoring unit plan to work with the new strategic partner, Qufenqi, which lets university students pay for online purchases in installments.

Credit Suisse Group AG (CS, CSGN.VX) is in talks with regulators to settle allegations of wrongdoing at its "dark pool" with a record fine in the high tens of millions of dollars, The Wall Street Journal reported. ADRs fell 2.1% to $28.52.

ADRs of Posco (PKX, 005490.SE) fell 5.5% to $40.18 amid the devaluation of China's currency. The South Korean steelmaker also said it signed an agreement with a unit of India's Uttam Galva Group to set up a steel plant in the western state of Maharashtra. The move comes weeks after Posco put a $12 billion project in the eastern state of Orissa on hold, which had a much larger production capacity.

ADRs of Prudential PLC (PUK, PRU.LN, K6S.SG, 2378.HK) gained 4.3% to $49.28 after the British insurer reported that its first-half operating profit rose 17%, buoyed by the strong performances of the company's operations in Asia and the U.K. Prudential also said its interim dividend increased by 10%.

Write to Tess Stynes at [e-mail]

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