By Anna Prior and Mia Lamar Shares of international companies trading in New York closed slightly lower Wednesday as a rise in the borrowing costs of troubled euro zone countries heightened investor caution. The Bank of New York index of ADRs edged fractionally lower to 123.65. Spanish and Italian two-year bonds fell in thin trading, pushing yields to their highest levels in three days. The European index closed 0.1% lower at 115.69. Dutch financial services company ING Groep NV (ING) Wednesday said it took aggressive steps to reduce its exposure to Spain, as it seeks to tackle a funding imbalance that could pose a serious threat should Spain eventually exit the euro zone. The Netherlands' largest bank by assets said it took a loss of 234 million ($290 million) in the April-July period as the price for reducing the risks. It said it cut its total exposure by EUR6.2 billion to EUR34.9 billion, mainly by scaling back lending and selling debt securities like covered bonds and mortgage-backed securities. The Dutch group also said it may have to take more hits in the coming quarters. Shares trading in New York fell 6 cents to $6.96. UK-based GlaxoSmithKline PLC (GSK, GSK.LN) got a boost, however, after the company said it purchased 450,000 ordinary shares. Glaxo also received marketing authorization from the European Comission for pazopanib, a treatment for patients with advanced soft tissue sarcoma. Shares rose 1.2% to $47.18. The Asian index fell 0.2% to 120.03. Shares of Macau-focused casino operator Melco Crown Entertainment Ltd. (MPEL, 6883.HK) slumped 2.4% to $10.47 after missing Wall Street expectations for its second quarter. Suntech Power Holdings Co. Ltd. (STP, K3ND.SG) bucked the downward trend, however, ending the day up 16% to $1.07 as investors looked ahead to the company's own second quarter results issued after the bell Wednesday. The Latin American index jumped 1.2% to 328.85 and the emerging-markets index rose 0.6% to 277.59. Brazil-based builder Gafisa S/A (GFA, GFSA3.BR) added to the gains as investors bet on expectations for a second-half rebound for Brazil's economy, lower domestic interest rates and a long list of private and public development projects ahead of the 2014 World Cup, to be hosted by Brazil, and 2016 Rio de Janeiro Olympics. -Write to Anna Prior at anna.prior@dowjones.com
