By Anna Prior
International companies trading in New York closed slightly
higher Wednesday, as announcements from the Federal Reserve and
upbeat unemployment benefits data from the U.K. offset an
unexpected drop in euro-zone industrial production.
The Bank of New York index of ADRs rose 0.3% to 130.79.
The Fed said it would introduce new asset purchases to replace
its current "Operation Twist" stimulus program, which ends this
month.
Meanwhile, U.K. data showed a surprise decline in claims for
unemployment benefits in November, helping counteract more negative
sentiment following an unexpected decline in euro-zone industrial
production in October.
The European index rose 0.3% to 124.62.
In the U.K., oil firms pushed higher as oil prices climbed.
Shares of BP Plc (BP, BP.LN) rose 1.1% to $41.62, while class A
shares of Royal Dutch Shell Plc (RDSA, RDSA.LN) rose 1.2% to
$68.60.
The Asian index increase 0.5% to 125.55.
LDK Solar Co. (LDK) said it is continuing to work to address
previously disclosed liquidity and working capital concerns and has
entered into discussions with certain creditors to obtain
additional flexibility. The debt-ridden Chinese solar panel maker
said it has engaged Citigroup Inc. (C) to assist it in the process.
U.S.-listed shares surged 15% to $1.20.
Meanwhile, JinkSolar Holding Co. (JKS), another Chinese solar
firm, said it had signed a contract to supply 81 MW of photovoltaic
modules for a solar PV park project in South Africa. Shares rose
20% to $6.32.
Other Chinese solar companies also rose, including ReneSola Ltd.
(SOL), up 32% to $1.87; China Sunergy Co. (CSUN), up 20% to $1.65;
JA Solar Holdings Co. (JASO), up 20% to $4.08; and Yingli Green
Energy Holding (YGE), up 18% to $2.14.
The Latin American index edged up 0.2% to 323.53 and the
emerging markets index rose 0.2% to 283.48.
South African gold mining firms posted gains amid higher
precious metals prices. Harmony Gold mining Co. (HMY, HAR.JO) rose
4.8% to $8.35, while Gold Fields Ltd. (GFI, GFI.JO) rose 3.7% to
$11.83 and AngloGold Ashanti Ltd. (AU, ANG.JO) rose 2.4% to
$30.92.
Going against the upward trend was Brazil's Embraer SA (ERJ,
EMBR3.BR), the world's fourth-largest plane maker, which said
Wednesday that it may start making and selling larger planes in
2025 as bigger rivals also begin producing aircraft with increased
passenger capacity. Shares fell 1.4% to $25.81.
Write to Anna Prior at anna.prior@dowjones.com