By Anna Prior 
 

International companies trading in New York closed lower Tuesday as recent solid data sparked more concerns that the Federal Reserve might scale back its bond-buying program in the near future.

The Bank of New York index of American depositary receipts fell 0.7%, to 147.23.

Investors are eyeing the U.S. jobs report expected Friday, after the Institute for Supply Management said Monday its manufacturing index rose to its highest reading since April 2011. This triggered more fears that the Fed could start tapering soon.

Meanwhile, in Europe, the European Union's statistics agency said the October producer prices for the euro zone fell 0.5% on the month, and were down 1.4% on the year, the fastest annual rate of decline in almost four years. That sparked fear that deflationary pressures could threaten the fragile recovery in Europe, according to The Wall Street Journal.

The European index dropped 0.7%, to 143.64.

Nomura downgraded HSBC Holdings PLC (HSBC, HSBA.LN, 0005.HK) to neutral from buy, saying the stock remains a "boring" story compared with other high-beta names. While regulation is a risk for all U.K. banks, Nomura said it sees it as the main headwind to the dividend story at HSBC. Shares fell 0.8%, to $55.09.

Novo Nordisk A/S (NVO, NOVO-B.KO) said it expects to file for U.S. regulatory approval for its new obesity drug "within weeks" with hopes of getting approval within a year, a move the Danish drug giant hopes will help diversify a product portfolio largely aimed at people suffering from diabetes. Shares rose 0.9%, to $179.51.

The Asian index declined 0.5%, to 148.06.

Chinese solar stocks added to losses, with LDK Solar Co. (LDK) dropping 7.3%, to $1.39, Hanwha SolarOne Co. (HSOL) down 3.5%, to $3.30 and ReneSola Ltd. (SOL) down 1.8%, to $4.38.

The Latin American index dropped 0.8%, to 279.74, and the emerging market index slipped 0.5%, to 274.35.

Shares of South African gold miners fell as gold prices slipped. Drdgold Ltd. (DRD, DRD.JO) shares fell 7.9%, to $3.60, while Harmony Gold Mining Co. (HMY, HAR.JO) dropped 3.7%, to $2.61, AngloGold Ashanti Ltd. (AU, ANG.JO) slipped 2.4%, to $12.37 and Gold Fields Ltd. (GFI, GFI.JO) decreased 2.1%, to $3.79.

However, shares of Mechel OAO (MTL, MTLR.RS) rose as the Russian mining and metals company said it reached an agreement to extend the grace period and maturity of its $1 billion syndicated loan agreement with international lenders to the end of 2014 and 2016, respectively. Shares rose 8.6%, to $2.14.

Write to Anna Prior at anna.prior@wsj.com

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