ADRs End Lower; Nokia, Alcatel-Lucent Rise

International stocks trading in New York closed lower on Monday.

The BNY Mellon index of American depositary receipts fell 1.6% to 125.19. The European index decreased 1.3% to 125.19, the Asian index dropped 2.3% to 135.04, the Latin American index fell 2.6% to 142.65 and the emerging markets index declined 3.1% to 209.34.

Nokia Corp. (NOK, NOKIA.HE) and Alcatel-Lucent SA (ALU, ALU.FR) were among the companies with ADRs that traded actively.

Nokia secured the go-ahead from France's securities watchdog for its 15.6 billion euro ($17 billion) takeover offer for Alcatel-Lucent, clearing the way for the combination of the two telecom-equipment suppliers. Nokia's ADRs rose 2.3% to $7.18 and Alcatel-Lucent increased 2.35% to $3.92.

Concerns about China's economy pounded Asian and global markets on the first trading day of the year, causing shares to tumble and currencies to weaken and leaving investors worried about a continuation of last year's market turmoil. Among Chinese companies with ADRs, e-commerce retailer JD.com Inc. (JD) fell 8.5% to $29.53, search giant Baidu Inc. (BIDU, K3SD.SG) dropped 2.65% to $184.03, social-media platform Weibo Corp. (WB) declined 3.3% to $18.86, Sinopec Shanghai Petrochemical Co. (SHI, 0338.HK, 600688.SH, K3DD.SG) fell 6.5% to $37.01, China Eastern Airlines Corp. (CEA, 0670.HK, K3CD.SG, 600115.SH) decreased 6.6% to $26.28 and China Southern Airlines Co. (ZNH, 1055.HK, 600029.SH, K3TD.SG) dropped 8.4% to $34.95.

Alibaba Group Holding Ltd.'s financial services affiliate said it has begun its second round of financing, as a major force in China's electronic-finance sector takes another step toward a public listing. Alibaba's ADRs fell 5.6% to $76.69.

Teva Pharmaceutical Industries Ltd. (TEVA, TEVA.TV) and Active Biotech AB (ACTI.SK) said Monday they were ending the higher-dose portions of two multiple-sclerosis studies with the drug Laquinimod after eight patients suffered nonfatal cardiovascular events. Teva's ADRs fell 34 cents to $65.30.

Write to Tess Stynes at [e-mail]

(END) Dow Jones Newswires

January 04, 2016 17:49 ET (22:49 GMT)

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