International stocks trading in New York closed lower Thursday.
The S&P/BNY Mellon index of American depositary receipts fell 2% to 149.95. The European index declined 1.5% to 143.07. The Asian index dropped 2.6% to 173.81. The Latin American index fell 3.6% to 213.92. And the emerging-markets index was 2.7% lower at 296.21.
ABB Ltd. was among those whose ADRs traded actively.
ABB Ltd. posted higher first-quarter profit and revenue, lifted by a jump in orders, but said cash outflow was higher than expected. ADRs rose 2.8% to $32.70.
The nation’s biggest oil industry trade group has drafted a proposal urging Congress to adopt a carbon tax, which would put a surcharge on gasoline and other fossil fuels to discourage greenhouse-gas emissions. The draft proposal was approved by the American Petroleum Institute’s climate committee last month, according to a document reviewed by The Wall Street Journal.
The measure must still be approved by the group’s executive committee.
Some API members, including representatives of European-based producers Shell PLC, want API to take action quickly on the carbon-tax proposal to show that climate change is a top priority.
The rift over the carbon-tax proposal is the latest in a series of disputes within API over the industry’s approach to climate change. TotalEnergies SE of France canceled its API membership last year citing disagreements on climate policy, while Shell and BP PLC — both based in London — have their membership under review.
BP’s ADRs closed 1.9% lower at $30.81, Shell’s fell 2% to $56.71 and TotalEnergies’s fell 1.6% to $50.12.
Write to Maria Armental at maria.armental@wsj.com
(END) Dow Jones Newswires
April 21, 2022 17:25 ET (21:25 GMT)
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