By Mia Lamar
International companies trading in New York closed higher
Thursday as resource shares rose on market-boosting measures from
China.
The Bank of New York index of ADRs rose 1.3% to 127.58.
China's central bank injected a record amount of liquidity into
the banking system this week, damping concerns over a potential
cash crunch ahead of quarter end. Traders said speculation about
additional stimulus in the country also bolstered sentiment.
Resource firms rose on the supportive measures. Mining giant Rio
Tinto PLC (RIO, RIO.LN) gained 1.8% to $47.43, while oil majors BP
PLC (BP, BP.LN) and PetroChina Co. (PTR, 601857.SH, 0857.HK) added
1.6% and 2.5%, respectively.
The Asian index jumped 2% to 121.70.
In corporate news, Beijing-based medical products firm China
Nuokang Bio-Pharmaceutical Inc. (NKBP) agreed to be taken private
by its chief executive's wife in a deal valuing it at roughly $112
million. Holders of American depositary shares, which represent
eight shares, are offered $5.80 a share under the proposed deal.
Shares rose 10% to $5.28 in New York trade.
The European index rose 1.1% to 120.92.
Financial shares were broadly higher after Spain's government
unveiled a 2013 budget plan hoped to convince international
authorities that the debt-stricken country is on track to meet
deficit-reduction targets.
France's Credit Agricole SA (CRARY, ACA.FR) climbed 7.4% to
$3.61, Dutch ING Groep NV (ING, INGA.AE) gained 2.2% to $8.23, and
Spain's Banco Bilbao Vizcaya Argentaria SA (BBVA, BBVA.MC) rose
1.5% to $7.95.
Finland's Nokia Corp. (NOK, NOK1V.HE) broke its long silence on
European marketing plans for new Lumia smartphones one day before
rival Apple Inc. (AAPL) plans to put the new iPhone in nearly two
dozen additional countries.
The handset maker said the new Lumia 820 and 920
devices--unveiled earlier this month--go on sale in key European
markets in November. Nokia didn't reveal its plans for the crucial
U.S. market, where it hopes to regain footing after losing
considerable ground to Apple and other competitors.
U.S.-listed shares rose 3.1% to $2.67.
The Latin American index rose 0.8% to 327.96 and the emerging
markets index gained 1.5% to 282.54.
Jerusalem-based Teva Pharmaceutical Industries Ltd. (TEVA,
TEVA.TV) will pay roughly $26 million, plus potential milestone
payments, to acquire a drug candidate being developed for the
treatment of hand movement, balance and gait disturbances in
Huntington disease. Shares added 1.6% to $42.13.
-Write to Mia Lamar at mia.lamar@dowjones.com