By Anna Prior
International companies trading in New York closed lower
Thursday, as economic data painted an uneven picture.
The Bank of New York index of ADRs edged down 0.1% to 129.38. In
the U.S., the number of Americans filing initial claims for
unemployment benefits rose more than expected last week, while
manufacturing activity in the mid-Atlantic region expanded in
October ahead of what economists were expecting.
Data out of China, meanwhile, showed its economy might be on the
mend as gross domestic product expanded 7.4% in the third quarter,
in-line with expectations.
The European index slipped 0.4% to 123.29.
Adding to the slight decline were shares of British Sky
Broadcasting Group PLC (BSYBY, BSY.LN), which fell 1.9% to $47.51
following an announcement by Modern Times Group that it is
increasing investments in Nordic pay-TV content to combat growing
competition. In addition, Fitch affirms BSkyB at triple-B plus,
outlook stable, but says Sky's content costs may continue to rise
over the medium term and competition is the main source of
uncertainty for its credit profile. News Corp. (NWS, NWSA, NWS.AU),
which owns Dow Jones & Co., the publisher of this newswire,
holds a stake of about 39% in BSkyB.
French telecommunications equipment-maker Alcatel-Lucent (ALU,
ALU.FR) said Thursday it plans to cut nearly 5,500 jobs globally,
as the struggling company begins to implement steep cost cuts
intended to help it return to profitability. U.S.-listed shares
rose 4.7% To $1.12.
The Asian index rose 0.5% to 122.24.
China Hydroelectric Corp. (CHC) said it has entered into a
share-transfer agreement to sell its Yuheng hydroelectric power
project, a 20-megawatt project located in Fujian province, for $4.3
million, including the assumption of debt by the buyer. The sale of
the project is expected to close in early 2013 and will result in a
small profit to the company. Shares of the Chinese developer and
operator of small hydroelectric power projects rose 5.8% to
$1.82.
The Latin American index edged up 0.1% to 331.61, and the
emerging-markets index fell 0.04% to 284.54.
A day after being put on creditwatch negative by Standard &
Poor's Ratings Services, South African gold miner AngloGold Ashanti
Ltd. (AU, ANG.JO) shares plunged 6.8% to $32,57. The creditwatch
placement "reflects an increase in country risk for AngloGold in
light of continuing strike action in South Africa, and the possible
implications of increasing social tensions for the mining
industry." Shares of fellow gold miners, Gold Fields Ltd. (GFI,
GFI.JO) fell 5.9% to $11.76, while Harmony Gold Mining Co. Ltd.
(HMY, HAR.JO) fell 3.6% to $7.99.
-Write to Anna Prior at anna.prior@dowjones.com