International stocks trading in New York closed lower on
Tuesday. The Bank of New York index of American depositary receipts
fell 1% to 156.40. The European index decreased 1.2% to 155.03, the
Asian index dropped 0.8% to 150.99, the Latin American index fell
0.38% to 291.02 and the emerging markets index declined 0.65% to
292.32. Among the companies with shares that actively traded were
Philips NV (PHG, PHIA.AE) and Shire PLC (SHPG, SHP.LN).
Philips NV (PHG, PHIA.AE) said the head of its health-care
division is stepping down after disappointing results in the second
quarter and that its chief executive would now take the reins of
its largest business. Shares rose 1.8% to $31.99.
Shire PLC (SHPG, SHP.LN) said its board will meet to consider
AbbVie Inc.'s (ABBV) raised offer of more than $51 billion, the
U.S. company's latest attempt to bring the Dublin-based
pharmaceutical company's board to the negotiating table. Shares
fell 1.9% to $232.92.
The asset and wealth management unit of Deutsche Bank AG (DB,
DBK.XE) sees a record inflow of net new money in the second
quarter, putting it on track to meet its ambitious profit targets
for the next year, Michele Faissola, the unit's head said Tuesday.
The asset and wealth management unit also is on track to reach its
ambitious target to achieve a pretax profit of 1.7 billion euros
($2.3 billion) next year. Shares fell 1.8% to $34.83.
Brazilian development bank BNDES criticized an investment by
Portugal Telecom SGPS SA (PT, PTC.LB) in debt issued by Espirito
Santo International SA. Portugal Telecom, which is merging with
Brazil telecom company Oi SA (OIBR, (OIBR4.BR, OIBRC) , disclosed
last week it had 897 million euros ($1.22 billion) in commercial
paper from a unit of Espirito Santo, which was found to be in
"serious financial condition" by an audit ordered by Portugal's
central bank. Portugal Telecom shares fell 3.9% to $2.97. Oi shares
declined 3.3% to 74 cents.
Write to Tess Stynes at tess.stynes@wsj.com
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