ADRs End Lower; HSBC Falls

International stocks trading in New York closed lower on Monday.

The BNY Mellon index of American depositary receipts declined 0.7% at 148.05. The European index decreased 0.6% to 137.74. The Asian index fell 0.9% to 174.39. The Latin American index declined 0.8% to 236.09. And the emerging-markets index fell 0.7% to 314.65.

HSBC Holdings PLC (HSBC, HSBA.LN, 0005.HK) was among those with ADRs that traded actively.

HSBC reported first-half costs rose 7%, far outpacing a 2% revenue growth, reflecting increased investments in technology and its expanding China business. "HSBC is struggling to convince that its current restructuring to pivot the group toward Asia is achieving the hoped for pick-up in growth," said Steve Clayton, manager of the Hargreaves Lansdown Select UK Income Shares fund. "Financially HSBC is in a strong place. Return on equity though is still less than 9%, showing the difficulties major banks face these days in trying to earn a high rate of return in an increasingly regulated financial world." ADRs fell 1.6% to $46.42.

Taiwan Semiconductor Manufacturing Co. (TSM, 2330.TW), which supplies chips for technology companies from Apple Inc. to Qualcomm Inc., said Monday an infection of its computer systems will likely delay shipments and hurt revenue at the world's largest made-to-order chip maker this quarter. The company said the infection by the modified version of the WannaCry virus -- the first time a virus has taken down TSMC's production facilities -- so far doesn't appear to be an attack. ADRs closed down 1.5% at $41.07.

(END) Dow Jones Newswires

August 06, 2018 17:21 ET (21:21 GMT)

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