ADRs End Higher; Nokia, Sanofi and ArcelorMittal Actively

International stocks trading in New York closed higher on Thursday.

The BNY Mellon index of American depositary receipts rose 0.6% to 141.28. The European index increased 0.6% to 132.38. The Asian index rose 0.3% to 167.08. The Latin American index rose 1.9% to 207.31. And the emerging-markets index increased 0.9% to 295.08.

Nokia Oyj (NOK), Sanofi SA (SNY) and ArcelorMittal SA (MT) were among those with ADRs that traded actively.

Nokia's CEO urged the U.S. telecommunications industry to keep China at bay in the race to build faster, 5G networks. Rajeev Suri said the U.S. has a chance to lead in 5G "but it is not a given." "South Korea, Japan and particularly China are coming up in the rearview mirror. This is the time to push the pedal even harder," Suri said. He also urged regulators in the U.S. to act quickly to make more spectrum available to wireless carriers, arguing it's key to the country's competitiveness. "Every further delay risks undermining the U.S.'s current advantage," he said. ADRs of Nokia rose 3% to $5.47.

Sanofi said Thursday that it hired the head of Bayer AG's pharmaceuticals division to lead its Primary Care unit, one of two new divisions that the French company is creating. The French pharmaceutical group named Dieter Weinand to head the Primary Care unit, and also made him executive vice president, effective Nov. 1. Mr. Weinand joins Sanofi from Bayer, where he was a member of the board of management, the company said. The Primary Care unit will combine the Diabetes and Cardiovascular unit with Established Products, which is currently part of a different division, Sanofi said. ADRs of Sanofi rose 2.4% to $44.39.

Steelmaker ArcelorMittal and the United Steelworkers union are taking a break from contract negotiations until Sept. 20 because of a "lack of accommodation space in Pittsburgh" for talks, the union and the company says in a joint statement to the 15K or so U.S. employees represented by the union. The parties have agreed to extend the terms of the contract that expired Sept. 1 while negotiations are under way. ADRs of ArcelorMittal were down 1.3% to $28.96.

(END) Dow Jones Newswires

September 13, 2018 17:23 ET (21:23 GMT)

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