ADR Shares End Lower; Credit Suisse, Petrobras Shares Trade Actively

International stocks trading in New York closed down on Tuesday. The BNY Mellon index of American depositary receipts fell 2.21% to 139.12. The European index decreased 2.38% to 136.97, the Asian index fell 1.91% to 147.44, the Latin American index fell 1.67% to 202.27 and the emerging markets index decreased 1.65% to 250.95. Among the companies with shares that actively traded were Credit Suisse Group AG (CS, CSGN.VS) and Petroleo Brasileiro SA (PBR, PETR3.BR, PETR4.BR).

Credit Suisse sought to usher in a new era on Tuesday, as the Swiss lender replaced its longtime chief executive with an insurance executive who brings extensive international experience--but none running a bank. Brady Dougan, 55, will depart the Zurich-based bank at the end of June and bereplaced by Tidjane Thiam, the CEO of U.K.-based insurer Prudential PLC (PUK, PRU.LN, 2378.HK, K6S.SG). Credit Suisse shares rose nearly 7% to $25.11. Prudential shares fell 3.35% to $48.75.

Fitch Ratings warned that if Brent crude prices fall to $55 a barrel that credit ratings downgrades are possible for some major oil companies. The credit-ratings company already lowered its rating for French oil major Total SA (TOT, FP.FR), partly on the slump in oil prices since June. Other companies at risk include BP PLC.(BP, BP.LN), as a still undecided fine relating to the 2010 Gulf of Mexico disaster will weigh more heavily on weakened cash flows, Fitch says. Total's shares fell 3.83% to $48.49, while BP's stock fell 3.08% to $39.04.

Sony Corp. (SNE, 6758.TO) said Tuesday that after months of delays it will start selling its flagship PlayStation 4 videogame console in mainland China. The Japanese entertainment and electronics giant said that sales will kick off from Friday next week. Its hand-held entertainment Vita device will also go on sale. Sony closed 2.57% down to $26.57.

A former executive of state-run oil company Petrobras told Brazilian congressmen on Tuesday that he took bribes while working at the state-controlled oil company and that he believes the country's governing party took twice as much as he did. Prosecutors and witnesses allege several of Petrobras's contractors formed a cartel to drive up prices for major contracts, part of a broader corruption probe that extends to some of Brazil's top lawmakers. Shares fell 5% to $5.30.

Write to Tess Stynes at [e-mail]

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