By Mia Lamar
International companies trading in New York closed higher
Tuesday, carried higher by big gains for financial shares.
The Bank of New York index of ADRs rose 1.2% to 136.71.
European financial stocks rallied after a successful Spanish
debt auction fueled confidence. France's Credit Agricole (CRARY,
ACA.FR) rose 6.4% to $4.35, Spain's Banco Santander (SAN, SAN.MC)
added 4.6% to $7.31, and Germany's Deutsche Bank AG (DB, DKB.XE)
gained 3.4% to $41.18.
The European index rose 1.5% to 128.53.
Strong earnings reports also helped lift shares. Shares of ARM
Holdings PLC (ARMH, ARM.LN) jumped 15% to $46.32, after the chip
maker posted a better-than-expected 28% rise in first-quarter
revenue, boosted by strong demand for its microchip designs.
The Asian index rose 0.6% to 139.74, lagging gains elsewhere as
investors panned the earnings of several large Chinese
companies.
Shares of China Mobile Ltd. (CHL, K3PD.SG) fell 0.4% to $53.17
after the world's largest mobile carrier reported stagnant
first-quarter earnings, with net profit almost flat compared to a
year earlier.
The Latin American index rose 1.4% to 319.96, and the
emerging-markets index rose 0.8% to 276.14.
Shares of Brazil's largest chemical company, Braskem SA (BAK,
BRKM5.BR) soared 7.3% to $16.16 after the country's finance
minister, Guido Mantega, said the government would more than double
the tax credit that petrochemical companies receive.
The measure, which will be in effect through the end of 2015, is
meant to spur investment and reduce costs as U.S. producers using
shale gas see the cost of their raw materials plunge, Mr. Mantega
said.
Write to Mia Lamar at mia.lamar@dowjones.com