International companies trading in New York closed lower Monday, in line with the broader markets, as a negative reaction to last week's European sovereign-debt summit by credit-ratings firms dragged on stocks.

The Bank of New York Index of ADRs dropped 2.4% to 119.15 after Fitch Ratings said that last week's summit "does little to ease pressure" on the sovereign-debt crisis and predicted a "significant" economic downturn in Europe in the short term. Meanwhile, Moody's Investors Service said it would review European countries' sovereign ratings.

Shares of financial companies were among the biggest tumblers, led by a 16% tumble to $2.02 by National Bank of Greece SA (NBG, ETE.AT).

France's three largest lenders were among the worst performers in Europe's financial sector. Credit Agricole SA (CRARY, ACA.FR) fell 8.1% to $2.94, BNP Paribas SA (BNPQY, BNP.FR) closed down 6.5% at $20.21, and Societe Generale SA (SCGLY, GLE.FR) tumbled 5.3% to $4.85.

The European index fell 2.4% to 110.38.

Dutch bank ING Groep NV (ING, INGA.AE) announced plans to swap EUR5.8 billion in subordinated debt for senior loans and cash, becoming the latest in a string of European banks to exchange their own debt at discounted values and use the gains to strengthen capital. Shares slipped 8.7% to $7.15.

French retailer Carrefour SA (CRRFY, CA.FR) said it will file a takeover bid for its franchisee and long-term partner Guyenne et Gascogne SA (GG.FR) as it seeks to defend its position in southwestern France. Carrefour, the world's second-largest retailer after Wal-Mart Stores Inc. (WMT), will file a cash tender offer with a secondary option in shares, the company said in a statement. Carrefour's shares closed 3.9% lower at $4.64.

The Latin American index slipped 2.7% to 332.57.

Oil companies in the region lost ground as crude futures declined on euro-zone fears along with other risky assets. Brazil's state-run Petroleo Brasileiro SA (PBR, PETR4.BR) fell 4.3% to $26.20, and YPF SA (YPF, YPFD.BA), Argentina's biggest oil and gas company, dropped 0.5% to $34.35.

Brazilian mining company Vale SA (VALE, VALE5.BR) acquired almost 100% of the outstanding shares in its fertilizer unit Vale Fertilizantes S/A (FFTL4.BR) at a stock exchange auction on Monday, paving the way for a planned delisting of the unit. Vale acquired 100% of the outstanding voting shares in Vale Fertilizantes, totaling 211,014, and 99.99% of the outstanding preferential shares in the unit, totaling 82.92 million, for a previously announced price of 25 Brazilian reais ($13.66) each, BM&FBovespa said in an email. Vale shares closed down 3.5% at $22.

The Asian index closed 2.2% lower at 115.16 and the emerging markets index dropped 2.7% to 276.39.

Chinese oil stocks tumbled along with the price of crude: Sinopec Shanghai Petrochemical Co. (SHI, K3DD.SG, 600688.SH, 0338.HK) declined 3.5% to $33.25, PetroChina Co. (PTR, K3OD.SG, 601857.SH, 0857.HK) slid 3.4% to $120.33, and China Petroleum & Chemical Corp. (SNP, 0386.HK, 600028.SH) lost 2.1% to close at $101.81. Hong Kong's CNOOC Ltd. (CEO, 0883.HK) fell 3.8% to $186.64.

India's banks struggled in line with their European counterparts. ICICI Bank Ltd. (IBN, 532174.BY) slid 7.1% to $26.31 and HDFC Bank Ltd. (HDB, 500180.BY) lost 5.2% to $26.78.

Gold futures tumbled nearly 3% Monday, cut down by a stronger U.S. dollar and the negative comments from Fitch and Moody's, to close at its lowest settlement price since Oct. 24. That weighed on the shares of South Africa's miners: Drdgold Ltd. (DROOY, DRD.JO) closed 6.9% lower at $6.24; Harmony Gold Mining Co. Ltd. (HMY, HAR.JO) tumbled 4% to $12.88; Gold Fields Ltd. (GFI, GFI.JO) fell 3.3% to $15.77; and AngloGold Ashanti Ltd. (AU, ANG.JO) slipped 2.5% to $44.49.

-By Ian Thomson, Dow Jones Newswires; 212-416-2314; ian.thomson@dowjones.com

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