International stocks trading in New York closed lower Monday.
The S&P/BNY Mellon index of American depositary receipts fell 1.4% to 155.96. The European index declined 0.8% to 141.16. The Asian index fell 2.2% to 204.18. The Latin American index declined 1.5% to 175.88. And the emerging-markets index fell 2.1% to 335.71.
Vale SA was among those whose ADRs traded actively.
Brazilian iron-ore producer Vale SA's ADRs rose 1.8% to $13.76 after the company said it agreed to sell its 50% stake in steel tubes and laminates maker California Steel Industries. Vale said it expects to close the sale in the first quarter of next year, and will receive in return $400 million, with an adjustment for the company's debt and cash at the closing of the sale. The sale is part of Vale's effort to sell its non-core assets and focus on boosting output of high-value-added products such as iron-ore pellets.
Rio Tinto PLC and Turquoise Hill Resources Ltd.'s offer to cancel $2.3 billion of debt and terminate the current underground development plan at the Oyu Tolgoi copper mine in Mongolia sets an unhelpful precedent for the mining industry, RBC Capital Markets said. "While preliminary in nature, the agreement is a large step forward, and appears to placate the two key concerns the government holds, but places the burden of funding on Rio and Turquoise Hill," RBC said. Financing structures, cash flows and timing all remain unclear "leaving a still uncertain outcome from a modelling perspective," RBC said. ADRs closed 0.2% higher at $64.21.
Write to Maria Armental at maria.armental@wsj.com
(END) Dow Jones Newswires
12-13-21 1726ET
