By Michael Calia
International companies trading in New York closed higher
Thursday as stocks in general were buoyed by encouraging signs that
lawmakers in Washington were getting closer to ending a deadlock
over the U.S. debt ceiling.
The Bank of New York index of American depositary receipts added
1.8% to 144.93.
House Republicans on Thursday offered a measure that would raise
the U.S. debt limit for six weeks, a step the White House called
encouraging. The measure, however, wouldn't reopen the government,
which has been partially shut down for a week and a half. Still,
stocks rallied on the debt ceiling proposal, as it could lead to
the U.S. avoiding a default.
The European index rose 1.9% to 139.15.
Telecom Italia SpA (TI, TIA, TIT.MI) shares jumped 3.5% to $9.12
as it denied a report that said it may seek at least 9 billion
euros ($12 billion) from the sale of its Brazilian asset TIM
Participacoes (TSU). On Wednesday, Bloomberg reported Italy's
largest telecommunications company could consider selling its
Brazilian asset in a move to pay down its huge EUR29 billion
debt.
Pearson PLC's (PSO, PSON.LN) Financial Times will next year
launch a single print edition across all its international
markets--including the U.K.--in a further shift of the business
newspaper's strategy toward digital output. The FT plans to
redesign its print edition and invest more in its website. Pearson
was up 3.9% to $20.75.
The Asian index rose 1.5% to 147.89.
Luxury automaker Jaguar Land Rover, owned by India's Tata Motors
Ltd. (TTM) on Thursday posted record sales for September with
year-to-date sales already exceeding its performance for the whole
of 2012, as demand for both brands increased in all regions with a
particularly strong contribution from China. The manufacturer said
it sold 43,181 vehicles in September, up 17% on the year. Tata
shares rose 5.7% to $30.43.
Most Chinese solar companies were up amid news that the unit
price of polysilicon panels fell again this week, while midstream
cell and module prices remained firm. Hanwha SolarOne Co. (HSOL)
was up 9.2% to $5.33, China Sunergy Co. (CSUN) was up 5.1% at
$5.53, ReneSola Ltd. (SOL) was up 4.3% to $5.55, and Trina Solar
Ltd. (TSL) was up 5% to $16.04.
The Latin American index rose 2.3% to 296.62, and the emerging
markets index rose 2.1% to 279.40.
Companhia Brasileira de Distribuicao (CBD, PCAR4.BR), Brazil's
largest retailer in terms of revenue, posted an increase in net
sales in the second quarter, home-appliance sales rose. The
company, which is controlled by France's Casino Guichard-Perrachon
SA (CGUSY, CO.FR), said its net revenue totaled 14.1 billion
Brazilian reais ($6.34 billion), up 15.8% from the year-prior
period. Its gross revenue totaled BRL15.72 billion, up 9.7%. The
company's stock was up 5.8% to $50.73.
Chile's CorpBanca SA (BCA, CORPBANCA.SN) sold real-estate assets
for $83.5 million, the company said Thursday. CorpBanca, controlled
by CorpGroup SA, is the country's fourth-largest private bank by
loan volume. CorpBanca stock was up 4.1% to $17.78.
Write to Michael Calia at michael.calia@wsj.com
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