By Mia Lamar
International companies trading in New York closed higher
Wednesday after China's new leadership signaled it will maintain
accomodative policies to support the world's second-largest
economy.
The Bank of New York index of ADRs rose 0.5% to 128.89. Resource
firms, which generally rise on any growth indications from China,
were among the biggest gainers.
Anglo-Australian mining giant Rio Tinto PLC (RIO, RIO.AU,
RIO.LN) climbed 3.2% to $51.88. Brazil's Vale (VALE, VALE5.BR,
VALE3.BR)--a big exporter to China--gained 3.5% to $17.77.
China's new generation of leaders led by party chief Xi Jinping
said Tuesday that urbanization and the construction of public
housing in the country would be stepped up.
The Communist Party's powerful 25-member Politburo also said
that China's economy is stabilizing but "faces various challenges
that should not be underestimated" next year, according to
state-run Xinhua News Agency. Beijing will fine-tune economic
policies at "an appropriate time and in an appropriate way," Xinhua
said, without giving further details.
The European index rose 0.4% to 123.49.
Shares of Nokia Corp. (NOK, NOK1V.HE) put in a strong
performance, surging 13% to $3.88 after the Finnish mobile-phone
maker said it is launching a new Windows-based Lumia handset in
partnership with China's biggest operator, China Mobile Ltd. (CHL,
K3PD.SG, 0941.HK).
Elsewhere, U.K.-based lender HSBC Holdings PLC (HBC, 0005.HK,
HSBA.LN) said it is selling its entire stake in Chinese life
insurer Ping An Insurance (Group) Co. of China Ltd. (2318.HK,
601318.SH) for $9.39 billion. Shares rose 1.3% to $51.87.
The Asian index rose 0.6% to 122.99.
Energy shares were broadly higher. PetroChina Co. (PTR,
0857.HK), China's largest listed oil company by capacity climbed
2.9% to $136.78. CNOOC Ltd. (CEO, 0883.HK) rose 2.4% to $217.22 and
China Petroleum & Chemical Corp. (SNP, 0386.HK) gained 2.3% to
$108.84.
The Latin American index rose 1.3% to 312.63 and the emerging
markets index gained 1.1% to 276.16.
Potentially good news out of China helped Brazilian shares.
China is Brazil's biggest trading partner and a big consumer of the
South American country's commodities exports.
Pulp producer Fibria Celulose SA (FBR, FIBR3.BR) jumped 4.3% to
$11.50. Steelmaker Companhia Siderurgica Nacional (SID, CSNA3.BR)
gained 3.5% to $5.04.
Write to Mia Lamar at mia.lamar@dowjones.com