By Anna Prior
International companies trading in New York closed lower Friday
as fears over the fiscal crisis in the U.S. involving the so-called
fiscal cliff and signs of continued economic contraction in the
euro-zone kept many investors defensive.
The Bank of New York index of ADRs declined 0.8% to 132.16.
Despite a pair of economic reports that topped economists'
expectations, investors warily watched a late-afternoon White House
meeting with congressional leaders attempting again to negotiate a
deal.
Meanwhile, a preliminary gauge of activity indicated the
euro-zone economy looked set to contract for a third-straight
quarter in the fourth quarter, and France revised its third-quarter
growth estimate to 0.1% from 0.2%.
The European index dropped 1.2% to 124.37.
German regional bank Landesbank Baden-Wuerttemberg is suing
Deutsche Bank AG (DB, DBK.XE) in the U.S. for alleged fraud in
connection to the purchase of $173 million in mortgage-backed
securities, according to documents available from the Supreme Court
of the State of New York. Deutsche Bank has denied the charges.
Deutsche Bank shares ended the day off 2.4% to $43.32.
Shares of Italian energy holding company Eni SpA (E, ENI.MI)
fell 1.5% to $48.47 amid new gas and electricity prices set by
Italy's Energy Authority on Friday, effective Jan. 1. Gas prices
will rise 1.7% from the fourth quarter of 2012 and electricity
prices will fall 1.4%.
The Asian index was down 0.2% to 130.46.
Some of the biggest decliners were Chinese education-related
stocks, including school operator Ambow Education Holding Ltd.
(AMBO), which fell 11% to $2.52; educational services provider
ChinaEdu Corp. (CEDU), which dropped 6.2% to $5.60; and
interactive, multimedia learning materials maker Noah Education
Holdings Ltd. (NED), which fell 4.2% to $2.30.
South Korea's LG Display Co. (LPL, 034220.SE) said Friday it has
filed an injunction seeking a ban on the sales of a tablet computer
produced by Samsung Electronics Co. (SSNHY, 005930.SE), alleging
the liquid crystal display panels have infringed LG patents.
U.S.-listed shares of LG Display rose 0.9% to $14.27.
The Latin American index fell 0.3% to 329.12, and the emerging
markets index edged down 0.1% to 287.36.
Expectations that record-low interest rates will be held stable
throughout 2013 helped some Brazilian homebuilders post gains.
Gafisa SA (GFA, GFSA3.BR), for instance, rose 2.2% to $4.58.
As gold prices slipped, South African gold miners ended the day
in the red. AngloGold Ashanti Ltd. (AU, ANG.JO) fell 0.9% to
$30.66, while Gold Fields Ltd. (GFI, GFI.JO) dropped 0.3% to $12.15
and Harmony Gold Mining Co. (HMY, HAR.JO) edged down 0.1% to
$8.63.
Write to Anna Prior at anna.prior@dowjones.com