ADRs Close Higher; Nokia Trades Actively

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International stock trading in New York closed with gains on Tuesday.

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The S&P/BNY Mellon Index for US Depository Receipts rose 1.7% to 165.87. Europeans rose 0.8% to 149.74. The Asian index rose 2.6% to 218.26. The Latin American index rose 3.1% to 184.78. While the Emerging Markets Index rose 3.1% to 356.87.

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Nokia Corp. was among those whose ADRs were actively traded.

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US officials on Tuesday ordered 600,000 doses of the Covid-19 treatment sotrovimab, the only monoclonal antibody therapy thought to work against the Omicron variant, as a record number of cases put hospitals under mounting pressure in the US and parts of Europe. Huh. Sotrovimab, made by GlaxoSmithKline plc and Vir Biotechnology Inc., is the only COVID-19 monoclonal antibody available to patients in the US. December, after preliminary laboratory tests suggested they had lost effectiveness against the new strain. Glaxo’s ADR closed 0.5% higher at $45.04.

Nokia Corp expects its 2021 operating margin to exceed guidance after a unilateral boost in the fourth quarter related to venture fund investments, outright software contracts in the second quarter, bad debt provision reversal, and some other one-time gains. The ADR rose 1.1% to $6.24.

Heavy rains in the Brazilian state of Minas Gerais, home to iron ore mines belonging to companies including Valle SA, Companhia Sidergica Nacional and Usinas Sidergicas de Minas Gerais SA, have reduced some works and concerns about the safety of workers and tailings dams. concerns have been raised. Moody’s Investors Service. Moody’s said the impact of the rains is at least a momentary increase in iron ore prices and a marginal credit negative for those companies. The rating company said a prolonged flood will probably cut production, impacting cash flow and revenue in a more significant way. Moody’s said Brazil produces about 20% of the world’s iron ore, and Minas Gerais is the country’s second largest producer of the mineral. Vale’s ADR rose 4% to close at $15.24; Companhia Siderúrgica Nacional’s ADR closed 2.1% higher at $4.43; And the Usinas Siderúrgicas de Minas Gerais, whose sponsored ADRs trade over the counter in New York, closed 6% higher at $2.94.

-- WSJ Staff

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