By Mia Lamar
International companies trading in New York closed lower Monday as investors looked to a European Union summit later this week with little enthusiasm.
The Bank of New York index of ADRs fell 2.1% to 114.06 as financial stocks sold off. Spain's banks were among the hardest hit after the country formally requested aid to bail out its struggling banking sector but offered few new details about the plan.
Spain's Banco Bilbao Vizcaya Argentaria (BBVA, BBVA.MC) dropped 7.5% to $6.28, while Banco Santander (SAN, SAN.MC) shed 5.5% to $5.98.
The European index slumped 2.1% to 105.87 as investors readied for little progress on the euro zone's massive debt crisis ahead of a major summit slated for later this week.
Beyond financial stocks, shares of U.K. pharmaceutical maker Shire Plc (SHPGY, SHP.LN) also landed among the region's major decliners after the U.S. Food and Drug Administration approved a generic version of Shire's hyperactivity drug Adderall. U.S.-listed shares of Shire tumbled 9.5% to end at $82.65 Monday.
The Asian index fell 1.9% to 113.08. Energy stocks ended broadly lower after oil prices resumed a downward slide Monday to close near $79 a barrel.
Among individual stocks, oil companies CNOOC Ltd. (CEO, 0883.HK) fell 2.8% to $180.62, Sinopec Shanghai Petrochemical Co. (SHI, K3DD.SG, 600688.SH, 0338.HK) declined 4.4% to $28.65 and China Petroleum & Chemical Corp. (SNP, 0386.HK, 600028.SH) dropped 2.6% to $86.22.
The Latin American index fell 2.6% to 300.12 and the emerging markets index shed 2.2% to 257.41.
Shares of Brazil's government-run oil company Petroleo Brasileiro SA (PBR, PETR4.BR) plunged as investors expressed disappointment with its latest round of fuel price increases. Investors were looking for a larger price hike or a commitment from the company to higher fuel prices in the future. U.S.-listed shares closed 9% lower at $17.84.
Shares of Mexican cement and building materials company Cemex SAB (CX, CEMEX.MX) surged after the company said it is in talks with creditors to refinance its heavy 2014 debt payment schedule. Shares closed up 7.2% to $6.12 in New York trade.
Write to Mia Lamar at email@example.com
(END) Dow Jones Newswires
June 25, 2012 17:11 ET (21:11 GMT)
Copyright (c) 2012 Dow Jones & Company, Inc.