Jul 18, 2012
International companies trading in New York closed higher Wednesday as investors registered a round of upbeat corporate earnings and a strong reading on the U.S. housing market.
The Bank of New York index of ADRs rose 0.5% to 118.48. A report from the Commerce Department said U.S. homebuilding last month hit its highest level in nearly four years, adding to hopes a recovery in the long-suffering U.S. housing market is on track.
That accompanied strong earnings from varying corners of the corporate world. Financial heavyweight Credit Suisse Group AG (CS, CSGN.VX) was among the biggest gainers after reporting second-quarter earnings increased from both the year earlier and the previous quarter. U.S.-listed shares ended 3.7% higher at $18.35.
The European index rose 0.6% to 110.54.
Shares of Sanofi SA (SNY, SAN.FR) pushed higher after the French drug maker said it has formed a research collaboration with Brigham and Women's Hospital that will focus on type 1 diabetes. Shares closed at $38.59, a 2.5% gain for the day.
The Asian index rose 0.4% to 115.31.
BHP Billiton Ltd. (BHP, BHP.AU) reported its 12th-straight annual-production record from its iron-ore-mining operations in Western Australia. The record, however, was tempered by the company's prediction for a more modest increase in output for the year ahead. U.S.-listed shares closed eight cents higher at $63.40.
The Latin American index rose 0.3% to 318.48 while the emerging-markets index rose 0.2% to 266.96.
Shares of Brazilian mobile-telecommunications company TIM Partipacoes (TSU, TIMP3.BR) slumped 1.8% to $23.73 in advance of a meeting by Brazil's National Telecommunications Agency, or Anatel.
The agency has warned it could issues fines or suspensions for some of Brazil's mobile-phone companies due to excessive complaints about service quality.
Write to Mia Lamar at email@example.com
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(END) Dow Jones Newswires
July 18, 2012 17:34 ET (21:34 GMT)