By Anna Prior
International companies trading in New York closed higher Friday
amid a higher-than-expected reading on business confidence in
Germany.
The Bank of New York index of American depositary receipts rose
0.5% to 149.30.
In Germany, the Ifo business-climate index rose to 109.3 in
November, beating expectations of a 107.8 reading and rising from
the 107.4 seen in October.
Meanwhile, a reading on Midwest manufacturing showed expansion
and traders weighed the prospects for continued easy monetary
policies in the U.S.
The European index added 0.6% to 145.03.
Novartis AG (NVS, NOVN.VX) said Friday it will buy back shares
worth $5 billion, a move that may mollify investors as pressure
grows on the company to deliver growth while it conducts a sweeping
review of its businesses. Shares of the Basel-based drug maker rose
0.7% to $79.71.
Nokia Corp. (NOK, NOK1V.HE) is seeking to remove a potential
obstacle to the $7 billion sale of its handset business to
Microsoft Corp. (MSFT) by asking an Indian court to unfreeze
several assets, including one of its biggest factories, amid a
lengthy tax feud. Shares rose 1.8% to $8.09.
The Asian index rose 0.1% to 149.69.
Shares of several Taiwan-based companies added to gains, with
Silicon Motion Technology Corp. (SIMO) rising 4.8% to $15.24 and
Himax Technologies Inc. (HIMX) up 3% at $9.43.
The Latin American index added 1% to 295.43 and the emerging
markets index rose 0.6% to 280.05.
Shares of Brazilian companies finished mostly in positive
territory, with Gol Linhas Aereas Inteligentes SA (GOL, GOLL4.BR)
rising 3.8% to $4.41 and Oi SA (OIBRC, OIBR, OIBR4.BR) up 4.5% at
$1.64.
Write to Anna Prior at anna.prior@wsj.com