By Mia Lamar
International companies trading in New York closed lower Monday
as global growth concerns attracted focus ahead of the upcoming
earnings season.
The Bank of New York index of ADRs fell 0.5%, to 127.15. Banks
posted some of the biggest losses as investors fled riskier
assets.
France's Societe Generale SA (SCGLY, GLE.FR) shed 2%, to $5.96,
Switzerland's UBS AG (UBS, UBSN.VX) fell 0.9%, to $12.69, and the
U.K.'s Barclays PLC (BCS, BARC.LN) lost 1.7%, to $14.26.
The European index fell 0.6%, to 121.03.
Shares of Dutch life insurance and pension company Aegon NV
(AEG, AGN.AE) were also under pressure after Nomura cut the stock
to neutral from buy, citing Aegon's large exposure to the U.S.,
which makes it more vulnerable to low interest rates compared to
European rivals. U.S.-listed shares fell 1.7%, to $5.36.
The Asian index fell 0.9%, to 119.73.
Telecom stocks were dragged lower on growth concerns both at
home and abroad. China Mobile Ltd. (CHL, 0941.HK)--the country's
largest mobile operator by subscribers--fell 1.7%, to $54.42.
Shares of its closest rival, China Unicom (Hong Kong) Ltd. (CHU,
0762.HK) dropped 2%, to $16.41.
The Latin American index edged up 0.6%, to 329.76--the session's
only gainer--while the emerging markets index slipped 0.3%, to
282.09.
Brazilian blue-chip Vale SA (VALE, VALE5.BR) closed 2.4% higher,
at $17.61, after iron-ore prices rose in China, the company's
primary market for iron ore. Vale is the world's largest iron-ore
producer and exporter.
The rise in prices helped to offset the World Bank's gloomier
outlook for growth in China's economy. The World Bank reduced its
forecast for 2012 economic expansion to 7.7%, down from 8.2% in
May.
Write to Mia Lamar at mia.lamar@dowjones.com