CS Credit Suisse Group

International stocks trading in New York closed lower on Friday.

The BNY Mellon index of American depositary receipts dropped 1% to 147.72. The European index fell 0.6% to 134.28. The Asian index declined 1.8% to 177.09. The Latin American index decreased 0.5% to 265.30. And the emerging-markets index dropped 1.5% to 331.16.

GlaxoSmithKline PLC (GSK), Banco Bilbao Vizcaya Argentaria S.A. (BBVA) and Credit Suisse Group AG (CS) were among those with ADRs that traded actively.

UK-based GlaxoSmithKline said Friday that it has withdrawn from discussions to buy Pfizer Inc.'s (PFE) consumer-healthcare business. "While we will continue to review opportunities that may accelerate our strategy, they must meet our criteria for returns and not compromise our priorities for capital allocation," said Chief Executive Emma Walmsley. On Thursday, Reckitt Benckiser Group PLC (RB.LN) announced it had ended talks to buy the Pfizer division, which makes Advil ibuprofen and Centrum multivitamin pills. The unit was expected to fetch more than $10 billion, according to analysts. ADRs of GlaxoSmithKline rose 3.5% to $37.42.

Uncertainty in Mexico is limiting the performance of BBVA's shares, says Jefferies, which trims its price target on the stock to EUR7.30 from EUR7.70. Currency effects and uncertainty related to this year's general election and NAFTA negotiations have held back shares, according to Jefferies analysts. "We see these factors acting as a drag on BBVA share price, limiting near-term re-rating potential," says the bank. ADRs of BBVA dropped 2.2% to $7.65.

Credit Suisse Group AG Chief Executive Tidjane Thiam was awarded 9.7 million Swiss francs ($10.2 million) in compensation for 2017, as his strategic shift toward managing money for wealthy clients showed signs of paying off despite the bank posting a third-straight annual loss. Total compensation for the bank's 12-member executive board came in at 69.9 million francs last year, down about three million francs from 2016, while the total bonus pool was 3.19 billion francs, up 3% from 2016. ADRs of Credit Suisse dropped 1.5% to $16.65.

(END) Dow Jones Newswires

March 23, 2018 17:47 ET (21:47 GMT)

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