ADRs End Lower

International stocks trading in New York closed lower on Monday.

Alibaba Group Holding Ltd. (BABA), BP PLC (BP; BP.LN) and Teva Pharmaceutical Industries Ltd. (TEVA; TEVA.TV) were among the companies with ADRs that traded actively.

The BNY Mellon index of American depositary receipts fell 0.4% to 125.46. The European index decreased 0.2% to 119.28, the Asian index dropped 0.7% to 142.64, the Latin American index fell 0.4% to 192.88 and the emerging markets index declined 0.9% to 238.89.

ADRs of Alibaba Group Holding Ltd. (BABA) fell 2.8% to $86.80, following the fallout from a default by Cosun Group. Cosun, which makes mobile phones and was founded by Chinese telecommunications tycoon Wu Ruilin, this month issued notices that it would default on high-yield debt products that had been sold online two years ago to ordinary investors through Ant Financial Services Group, a financial supermarket linked to Alibaba that also handles the e-commerce giant's online payments. The $45 million corporate default this month has Ant fielding uncomfortable questions about the quality of the investments on its platforms.

ADRs of Teva Pharmaceutical Industries Ltd. (TEVA; TEVA.TV) rose 1.5% to $36.91 after Teva agreed to pay $519 million to settle U.S. charges that it violated U.S. foreign-bribery law in its operations in Ukraine, Mexico and Russia. The Israeli company, which is the world's largest maker of generics by sales, will pay the largest criminal fine imposed by the U.S. government against a pharmaceutical firm for violating the Foreign Corrupt Practices Act, prosecutors said.

ADRs of BP PLC (BP; BP.LN) edged up 0.4% to $36.91 after a report in The Wall Street Journal that published Wednesday evening said BP was working to repair an ultraformer at its 410,000-barrel-a-day refinery in Whiting, Ind., citing a person familiar with operations. The Whiting refinery is a key supplier of gasoline to the Chicago area, and the operational snag at the plant helped to push Chicago wholesale prices higher Wednesday, according to analysts at GasBuddy. The ultraformer unit, which "reforms" gasoline molecules to produce a high-octane gasoline, is expected to be operational again early next week.

Write to Joshua Jamerson at [e-mail]

(END) Dow Jones Newswires

December 22, 2016 18:13 ET (23:13 GMT)

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