ADRs End Slightly Higher; ArcelorMittal, BHP Billiton, and Embraer Trade Actively

International stocks trading in New York closed slightly higher on Friday.

The BNY Mellon index of American depositary receipts rose 0.7 % to 154.46. The European index increased 0.3% to 139.32. The Asian index rose 1% to 186.51. The Latin American index increased 1.7% to 276.74, and the emerging-markets index rose 1.5% to 348.49.

ArcelorMittal SA (MT), BHP Billiton PLC (BBL) and Embraer SA (ERJ) were among those with ADRs that traded actively.

Shares in several European steel companies fell Friday, including Luxembourg-based ArcelorMittal, after U.S. President Donald Trump carried out his threat to impose tariffs on steel imports. Trump signed proclamations setting 25% and 10% penalties on steel and aluminium imports due to enter force in 15 days. Michael Hewson at CMC Markets says the time delay allows for further exemptions for countries with a close security relationship with the U.S. ADRs of Arcelor Mittal dropped 1.4% to $32.20.

Anglo-Dutch oil company Royal Dutch Shell and U.S. private-equity company Blackstone Group are working on a $10 billion joint offer to acquire miner BHP Billiton PLC's onshore U.S. shale assets, Sky News reported, quoting banking sources. BHP has said it is weighing a sale or a separate listing for the division, which includes a number of fields in the Permian Basin in the U.S., according to Sky News. The acquisition would accelerate Shell's plans to increase its exposure to shale, and partnering with Blackstone would give the oil company additional financing strength to secure the deal, reports Sky News. ADRs of BHP Billiton rose 1.6% to $39.84.

Embraer bounced Friday, erasing Thursday's slide, with the sell-side more optimistic on rising cash flow and debt reduction. Moreover, the run-up derived from a potential tie with Boeing is now tempered with more realistic expectations on both its scope and the mixed chances of closing. "While Boeing would like a deal, we think they will hold the line in their instance for a significant ownership percentage, as future aircraft developed under the partnership could represent a meaningful portion of Boeing's future commercial aircraft revenue," says Credit Suisse. ADRs of Embraer (ERJ) rose 6.7% to $27.18.

(END) Dow Jones Newswires

March 09, 2018 17:33 ET (22:33 GMT)

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