By Mia Lamar
International companies trading in New York closed lower Monday,
hurt by a lackluster session for steel stocks.
The Bank of New York index of ADRs fell 0.2% to 123.07.
Steel companies suffered as research from J.P. Morgan indicated
that China's steel industry will likely produce a record amount of
crude steel this year, even as a sharply slower economy drags
iron-ore and steel-product prices to multi-year lows.
Brazilian steelmaker Companhia Siderurgica Nacional (SID,
CSNA3.BR) slumped 3.3% to $5.22. Brazilian peer Gerdau SA (GGB,
GGBR3.BR, GGBR4.BR) fell 2.3% to $9.12 while Russia's Mechel OAO
(MTL, MTLR.RS) lost 2% to $6.04.
The Latin American index fell 0.8% to 319.89 and the emerging
markets index lost 0.6% to 272.06.
In Mexico, blue-chip wireless carrier America Movil (AMX,
AMX.MX, AMOV) shed 4.3% to $25.36 while cement maker Cemex (CX,
CEMEX.MX) lost 2.1% to $7.92. Argentina's Banco Macro SA (BMA.BA,
BMA), meanwhile, slumped 1.9% to $12.50.
The European index edged up 0.1% to 115.79, making it the
session's sole regional gainer.
Finnish handset heavyweight Nokia Corp. (NOK, NOK1V.HE) jumped
5.5% to $3.25 after rival Samsung Electronics Co. (SSNHY,
005930.SE) lost a pivotal U.S. patent ruling in its battle with
Apple Inc. (AAPL).
The positive share action in Nokia translated into gains across
the technology and telecom sector. German chipmaker Infineon
Technologies AG (IFNNY, IFX.XE) rose 1.3% to $7.09 while Portugal
Telecom SGPS SA (PT, PTC.LB) added 7.4% to $4.92.
The Asian index fell 0.6% to 119.12 as a fresh set of poor
economic data from China damped regional sentiment.
Profits at China's major industrial enterprises dropped 5.4% in
July on year, while HSBC downgraded its 2012 forecast for Chinese
growth to 8% from 8.4%.
Aluminum Corp. of China Ltd. (ACH, 2600.HK), known as Chalco,
fell 4% to $9.95 after reporting a first-quarter net loss.
South Korean banking shares got a boost, however, after Moody's
Investors Service upgraded the country's sovereign rating by one
notch. Woori Finance Holdings Co. Ltd. (WF, 053000.SE) rose 3.1% to
$30.20, KB Financial Group Inc. (KB, 105560.SE) added 2.7% to
$33.36 and Shinhan Financial Group Co. (SHG, 055550.SE) added 1.8%
to $65.17.
-Write to Mia Lamar at mia.lamar@dowjones.com