By Dow Jones Business News, October 18, 2013, 05:03:00 PM EDT
By Anna Prior
International companies trading in New York closed mostly higher Friday amid upbeat growth data from China and as
several U.S. companies reported stronger-than-expected quarterly earnings.
The Bank of New York index of ADRs rose 0.4% to 149.58.
Data showed China's third-quarter gross domestic product expanded at a 7.8% pace, accelerating from 7.5% growth in the
second quarter, and in line with expectations, which means China is likely to meet or exceed the government's 7.5%
growth target for 2013.
Meanwhile, in the U.S., quarterly profits from Google Inc. ( GOOG ) and some other large companies topped expectations.
The Asian index climbed 0.7% to 152.34.
Shares of Chinese Internet-search company Baidu Inc. rose 7.9% to $165.91 a day after Citi boosted its price target to
$175 and amid a surge by shares of U.S.-based Internet-search giant Google. Google's third-quarter earnings and revenue
beat expectations, and the company said net income rose 36% amid several new initiatives to raise the price marketers
pay for advertisements on smartphones and other mobile devices.
Chip maker Taiwan Semiconductor Manufacturing Co., which reported record-high revenue in the third quarter, expects
its latest 20-nanometer chip-making technology will ramp up more quickly in 2014, said TSMC Chairman Morris Chang at an
investor conference Thursday. Shares add to Thursday's gains, ending the day up 2.3% to $19.08.
The European index added 0.4% to 143.87.
Shares of Prudential PLC rose 3.4% to $40.89 after Asian rival AIA Group Ltd. said business value rose to a record
during its third quarter.
Telefonica SA's (TEF, TEF.MC) German mobile unit and KPN subsidiary E-Plus are likely to submit documents to European
Union regulatory authorities by mid-November seeking approval for Telefonica Deutschland's purchase of E-Plus, people
familiar with the matter said this week. Shares of the Spanish company rose 1% to $17.74.
The Latin American index fell 0.7% to 303.29 and the emerging markets index rose 0.5% to 289.05.
Brazilian shares added to losses, with airline Gol Linhas Aereas Inteligentes SA falling 3.6% to $4.89, steel company
Gerdau SA down 3.3% to $7.70 and real-estate developer Gafisa SA down 2.8% to $3.11.
Write to Anna Prior at email@example.com
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