ADRs End Lower; HSBC Falls
August 06 2018 - 4:36PM
Dow Jones News
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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