By Mia Lamar
International companies trading in New York closed higher
Wednesday after the Federal Reserve reiterated its commitment to
support the economy for the foreseeable future.
The Bank of New York index of ADRs rose 0.6% to 136.20.
The Fed said it would stick to its bond buying plans as part of
its attempt to support the economic recovery, as officials there
expect a slightly slower pace of growth and lower unemployment over
coming years.
European banking shares, which were among the biggest decliners
in recent days' action, recouped some losses, with shares of
France's Credit Agricole SA (CRARY, ACA.FR) ending 2.1% higher at
$4.30 and Spain's Banco Bilbao Vizcaya (BBVA, BBVA.MC) rising 2.5%
to $9.56.
The Asian index rose 1% to 136.65.
Adding to the gains was Spreadtrum Communications Inc. (SPRD)
after Jefferies upgraded shares of the China-based semiconductor
company to buy from hold, citing stronger demand in China's
smartphone market. Shares jumped 7.8% to $19.69.
Meanwhile, Suntech Power Holdings Co. (STP) shares were halted
as the Chinese solar panel maker began bankruptcy proceedings in
China. Shares ended Tuesday at 59 cents.
The European index rose 0.6% to 128.47.
Shares of Ryanair Holdings PLC (RYAAY, RYA.LN, RYA.DB) led
Ireland's gainers a day after the airline secured a new deal for
Boeing Co. (BA) jets at around the same price as its last big order
eight years ago, cementing its reputation as the global benchmark
for low-cost carriers. Shares rose 4.1% to $43.23 Wednesday, adding
to Tuesday's 3% gain.
The Latin American index ended about flat at 324.41 and the
emerging-markets index gained 0.5% to 280.49.
Brazil's national electric regulator on Wednesday said that the
regulatory asset base of the Cia Energetica de Minas Gerais (CIG,
CIGC, CMIG4.BR) distribution assets, used to calculate future
prices for services, totaled 5.1 billion Brazilian reais ($2.6
billion), much lower than what investors were expecting. Shares
dropped 13% to $11.37.
Write to Mia Lamar at anna.prior@dowjones.com