ADRs End Higher, Deutsche Lufthansa and Volkswagen Trade Actively

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By Kathryn Hardison

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International stocks trading in New York closed higher on Friday.

The S&P/BNY Mellon index of American depositary receipts rose 1.9% to 134.03. The European index increased 2.5% to 125.68, the Asian index rose 1% to 164.26, the Latin American index increased 2.2% to 166.76 and the emerging markets index increased 0.9% to 275.73.

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Deutsche Lufthansa AG and Volkswagen AG were among the companies with ADRs that traded actively.

ADRs of Deutsche Lufthansa rose 6.7% after the company said Friday that it has returned to profitability and increased its revenue in the second quarter, driven by its Lufthansa cargo segment. The company saw adjusted earnings before interest and taxes between 350 million euros and EUR400 million ($350.6 million-$400.7 million) in the quarter, compared with a loss of EUR827 million a year ago. Passenger airlines improved but remained negative, the company said.

ADRs of Volkswagen rose 5.1% after the German car maker said it plans to maintain factory operations in China’s western region of Xinjiang, where Western politicians and human-rights groups say Beijing is forcibly assimilating ethnic minorities, the Wall Street Journal reported. The decision to keep operating was made with Volkswagen’s Chinese joint venture partner, state-owned SAIC Group, despite pressure in Germany to consider closing the factory.

ADRs of Burberry Group PLC fell 3.7% after the company said Friday that comparable sales rose 1% in the first quarter of fiscal 2023 as they took a significant hit from the effects of Covid-19 restrictions in China.

Write to Kathryn Hardison at [email protected]

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Credit: www.marketwatch.com /

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