By Mia Lamar
International companies trading in New York closed slightly
higher Thursday after a surprise interest-rate cut from China and a
well-received bond auction in Spain eased some concerns about the
state of the global economy.
The Bank of New York index of ADRs edged up 0.24% to 113.96.
Chinese companies were among the strongest gainers after the
People's Bank of China said it would cut the benchmark interest
rate for savers and borrowers by a quarter of a percent, its first
such action since December 2008.
Home Inns & Hotels Management Inc. (HMIN, K3UD.SG) gained 4%
to $22.92, Charm Communications Inc. (CHRM) climbed 15% to $7.40
and AutoNavi Holdings Ltd. (AMAP) added 5.2% to $11.95.
The Asian index ended up 0.41% at 113.54.
Beijing-based Vimicro International Corp. (VIMC) said it has
been named a preferred supplier to the Fuzhou municipal government
as part of a strategic partnership. The chip maker called the pact
an "important step forward" for its security surveillance business.
Shares of Vimicro jumped 7.3% to $1.03.
Apple Inc. (AAPL) plans to offer Baidu Inc.'s (BIDU) search
engines on iPhones in China, Bloomberg News reported, citing two
people with knowledge of the matter. Shares of the Chinese Internet
search giant rose 2.8% to $122.46.
The European index rose 0.1% to 104.92.
U.K. budget airline Ryanair Holdings PLC (RYAAY, RYA.DB) on
Thursday reported a 5% rise in air-traffic figures for May. As
Europe works through a protracted slowdown, the Dublin-based
airline has moved quickly to capitalize on the collapse of other
airlines, such as Spanish carrier Spanair and Hungarian airline
Malev.
Shares of the Dublin-based airline rose 2.5% to $30.99.
The Latin American index gained 0.8% to 308.93 and the
emerging-markets index rose 0.5% to 263.65.
Shares of metals companies gained on China's interest-rate cut,
an effort that is designed to stimulate spending in the world's
second-largest economy. Brazil's Companhia Siderurgica Nacional
(SID, CSNA3.BR) rose 1.6% to $6.38. Gerdau SA (GGB, GGBR3.BR,
GGBR4.BR), meanwhile, rose 1.1% to $8.33.
Write to Mia Lamar at mia.lamar@dowjones.com.