ADRs End Lower; Baidu, Novartis Trade Actively

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By Denny Jacob

 

International stocks trading in New York closed lower on Tuesday.

The S&P/BNY Mellon index of American depositary receipts ticked down 0.9% to 154.08. The European index edged down 0.6% to 144.51. The Asian index lost 1.5% to 182.31. The Latin American index moved down 0.3% to 226.71, while the emerging-markets index retreated 1.2% to 315.55.

Baidu Inc. was among those whose ADRs traded actively.

The internet search and online market solutions company fell 1.6% despite news that China’s videogame regulator granted publishing licenses to dozens of new titles, including “Bang Bang Rabbit” developed by Baidu, following a freeze set in place last July as Beijing tightened rules on the industry.

Swiss healthcare company Novartis AG fell 1.2% after it confirmed on Tuesday that it would cut jobs as part of a wide-ranging restructuring aimed at saving $1 billion by 2024.

 

Write to Denny Jacob at denny.jacob@wsj.com

 

(END) Dow Jones Newswires

April 12, 2022 17:07 ET (21:07 GMT)

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