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ADRs End Monday off 2.3%; Alibaba's ADRs Down Amid US-China Tensions

11/30/2020 | 07:25pm EST

By Micah Maidenberg

The S&P/BNY Mellon of American depositary receipts fell 2.3% Monday to 148.14. The European index closed at 122.14, 1.7% lower. The emerging-markets and the Asian indices dropped 2.9% and almost 3%, respectively, closing at 387.86 and 217.33. The index for Latin American ADRs decreased 1.9% to 175.19.

Alibaba Group Holding Ltd.'s ADRs traded heavily Monday and ended the day valued at $263.36, down 4.8% overall. This week, leaders in the House of Representatives plan to have lawmakers consider a rule that would require Chinese companies to either move toward receiving an annual audit reviewed by federal regulators or remove shares from trading in the U.S.

Officials in China have criticized the proposal, according to a recent report in The Wall Street Journal.

ADRs for oil producers--including Cnooc Ltd., BP PLC and Eni SpA--sold off. OPEC pushed off until later this week a decision on whether it would extend oil-output cuts, putting pressure on oil prices.

Meanwhile, Exxon Mobil Corp. on Monday afternoon in New York released a spending forecast projecting less investing than it previously expected annually through 2025. The company is also preparing to cut the book value of assets by as much as $20 billion, in a sign of the challenges facing the company and demand for crude more broadly.

Cnooc's ADRs fell 19%, while BP fell 7.3% and Eni's dropped 4%.

Write to Micah Maidenberg at micah.maidenberg@wsj.com

(END) Dow Jones Newswires

11-30-20 1924ET

Stocks mentioned in the article
ChangeLast1st jan.
ALIBABA GROUP HOLDING LIMITED -2.13% 260.25 Delayed Quote.11.82%
BP PLC 0.12% 282.6 Delayed Quote.10.81%
CNOOC LIMITED -0.13% 7.79 End-of-day quote.8.50%
EXXON MOBIL CORPORATION -1.13% 45.35 Delayed Quote.10.02%
LONDON BRENT OIL -0.29% 55.38 Delayed Quote.7.08%
WTI 0.16% 52.45 Delayed Quote.8.49%
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