By Anna Prior
International companies trading in New York closed higher
Wednesday amid strong economic data abroad.
The Bank of New York index of American depositary receipts
jumped 1.4% to 137.35.
Shares were boosted by data showing Chinese demand for imports
surged in March, up 14.1% from a year ago and well above
expectations of a 6.1% rise.
Meanwhile, France saw better-than-expected industrial
production, while Italy had a well-received auction of short-term
debt.
The European index climbed 1.3% to 128.61.
European banks benefited from positive sentiment amid reports of
comments made by leaders on extending bailout programs for Ireland
and Portugal. Germany's Deutsche Bank AG (DB, DBK.XE) rose 3.3% to
$42.23, while the U.K.'s Barclays PLC (BCS, BARC.LN) added 4.1% to
$18.37 and the Netherlands' ING Groep NV (ING, INGA.AE) climbed
4.1% to $7.81.
The Asian index rose 1.9% to 139.69.
JinkoSolar Holding Co.'s (JKS) fourth-quarter loss widened as
the Chinese solar-product maker reported a surge in operating
expenses, while revenue edged down. After posting gains, along with
the rest of the solar sector Tuesday amid surprisingly strong
guidance from First Solar Inc. (FSLR), JinkoSolar shares fell 6.9%
to $5.40.
However, another solar peer ended higher. Chinese solar-panel
maker Suntech Power Holdings Co. (STP, K3ND.SG) said its European
unit has been granted a provisional moratorium for two months on
creditor claims by judicial authorities in Schaffhausen,
Switzerland, giving it more time to restructure its debt. Shares
jumped 19% to 74 cents.
The Latin American index added 0.8% to 331.05 and the
emerging-markets index increased 1.1% to 282.69.
India's Tata Motors Ltd. (TTM, 500570.BY) said its U.K.-based
luxury-vehicle unit Jaguar Land Rover PLC reported its global sales
in March rose 16% from a year earlier, helped primarily by strong
demand in China. Tata shares rose 5.3% to $25.65.
Meanwhile, shares of South African gold miners dropped as
another longtime gold bull changed its tune. Goldman Sachs (GS) on
Wednesday said gold's prospects for the year have eroded, becoming
the latest among banks and investors to turn bearish on gold as its
dozen-year surge has slowed. In the last six-months, gold has seen
a 12% decline. Gold Fields Ltd. (GFI, GFI.JO) dropped 3% to $7.40,
while AngloGold Ashanti Ltd. (AU, ANG.JO) fell 2.9% to $22.36,
Harmony Gold Mining Co. (HMY, HAR.JO) declined 1.8% to $6.17 and
Drdgold Ltd. (DRD, DRD.JO) edged down 0.3% to $7.51.
-Write to Anna Prior at anna.prior@dowjones.com