By Tess Stynes
International companies trading in New York closed slightly
higher Wednesday following a string of economic reports, including
better-than-expected readings on manufacturing in the Midwest and
U.S. consumer confidence.
Markets also received a lift from upbeat German consumer
confidence data, which reached the highest level in more than six
years.
The Bank of New York index of ADRs rose 0.34% to 148.88. The
European index increased 0.37% to 144.94.
Eni SpA said it has signed a deal with the Ukrainian government
that will give Italy's biggest energy company by market value
access to offshore exploration and production as it seeks to tap
into hydrocarbon reserves off the country's Black Sea coast. Eni
will be the operator with a 50% stake in a joint venture where
Electricite de France SA has a 5% holding. Ukrainian state-owned
companies Vody Ukrainy and Chornomornaftogaz have a combined 45%
stake. Eni shares rose 0.6% to $48.38.
Orange SA agreed to sell its Dominican Republic unit -- the
French telecommunications operator's only Latin American
business--a move that it expects will help it reduce its debt ahead
of a likely wave of consolidation across the sector in Europe.
Shares edged up 0.3% to $12.86.
The Asian index was up 0.27% to 149.40. China's shares were
buoyed as investors' appetite for risk improved after the nation's
central bank chief assured investors that China is moving ahead
with financial-reform plans including liberalization of deposit
rates and a more flexible yuan regime. Gainers included online game
companies Netease Inc., which rose 4.7% to $70.53, and Perfect
World Co., up 1.3% at $18.41. Hotel chain Home Inns & Hotels
Management Inc., whose shares rose 1.3% to $39.89.
However, Shanda Games Ltd.'s shares were lower after the game
developer reported that its third-quarter earnings fell 1.6%
despite revenue growth driven by its mobile-game segment. Morgan
Stanley analysts weren't impressed with the company's PC game
pipeline, while sales of its top PC games dropped in the latest
period. Shares fell 1.5% to $4.05.
The emerging markets index was up 0.58% to 278.37 and the Latin
American index increased 0.45% to 289.31. In Brazil, materials
companies were among the gainers, helped by a positive mood abroad
and the improved German consumer confidence data. Advancers
included steel companies Gerdau SA, which rose 0.8% to $7.75 and
Companhia Siderurgica Nacional, up 0.2% to $5.24.
Write to Tess Stynes at tess.stynes@wsj.com
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