By Anna Prior
International companies trading in New York ended lower Thursday
as weak economic data from Europe and Asia pointed toward softening
in global economies.
The Bank of New York index fell 0.7% to 128.67. Lackluster
global manufacturing and labor data underlined worries about
economic growth, with data showing business activity in the euro
zone contracted at the fastest pace since June 2009. Meanwhile, a
survey showed Chinese manufacturing output fell to a 10-month
low.
The Asian index fell 1.1% to 122.31.
A federal judge ordered Taiwan-based AU Optronics Corp. (AUO,
2409.TW) to pay $500 million for participating in a conspiracy to
fix prices on liquid-crystal-display panels. U.S. District Judge
Susan Illston also sentenced two former AU Optronics executives,
H.B. Chen and Hui Hsiung, to three years in prison. They were each
ordered to pay fines of $200,000. The penalties are among the
stiffest on record for antitrust cases. Shares dropped 2.8% to
$3.76.
Concord Medical Services Holdings Ltd. (CCM), which operates a
network of radiotherapy and diagnostic imaging centers in China,
said that it has signed a framework agreement with Beijing
International Medical Center to establish a cancer specialty
hospital. The hospital will be wholly owned by Concord Medical and
provide comprehensive cancer therapies, including surgery,
chemotherapy, radiotherapy and gene therapy, to high-end cancer
patients. Shares rose 4.5% to $3.99.
The European index fell 0.6% to 121.90.
German car maker Daimler AG (DDAIY, DAI.XE) lowered its
full-year earnings outlook for its core Mercedes-Benz division, an
indication that demand for luxury cars is slowing amid a softening
global economy. Daimler Chief Executive Dieter Zetsche said market
conditions have deteriorated in Europe and competition has
intensified in the crucial Chinese market. NordLB downgraded
Daimler on the cut outlook, lowering its rating on the stock to
hold from buy and reducing its price target to EUR40 from EUR51.
The firm said Daimler's 2013 targets could now also be called into
question. Shares dropped 3.1% to $50.57.
Retreating metal prices continued to weigh on British miners,
with shares of BHP Billiton PLC (BBL, BLT.LN) ending the day down
1.7% to $63.74, Rio Tinto PLC (RIO, RIO.LN) down 2.1% to $50.33 and
Anglo American PLC (AAUKY, AAL.LN) down 4.2% to $15.80.
The Latin American index ended down 0.5% at 333.94 and the
emerging markets index fell 0.8% to 283.75.
Shares of Peru-based Compania de Minas Buenaventura SA (BVN,
BUENAVC1.VL) fell 1.3% to $39.55 as the president of Peru's
northern Cajamarca region, Gregorio Santos, said he believes the
Minas Conga copper and gold project remains unfeasible. The miner
holds a 43.65% stake in Minas Conga, while Newmont Mining Corp.
(NEM) holds a majority 51.35% stake and the World Bank's
International Finance Corp. holds the rest. Minas Conga has faced
opposition from local politicians and residents over concerns it
would harm the local water supply, which the company and the
Peruvian government deny.
After postponing a Sept. 13 shareholders' meeting on approving a
disputed capital increase, Chile's energy holding company Enersis
SA (ENI, ENERSIS.SN) plans to have the meeting in mid-December,
Enersis's controlling shareholder, Spain's Endesa SA (ELEZY,
ELE.MC), said in a filing with the Spanish regulator Thursday.
Enersis's plan to conduct a $8.02 billion capital increase
triggered some minority shareholders' opposition as they didn't
agree with the deal's conditions. Shares of Enersis ended the day
down 1.1% at $16.45.
-Write to Anna Prior at anna.prior@dowjones.com