By Mia Lamar
International companies trading in New York closed lower
Thursday as a new round of turmoil in Cyprus pushed euro-zone
financial shares lower.
The Bank of New York index of ADRs fell 0.9% to 134.98.
More bad news emerged from troubled euro-zone member Cyprus
Thursday after its central bank said the country's second-biggest
lender would be shut down if it isn't restructured. The European
Central Bank earlier said it would cut off emergency funding to
banks in Cyprus if a bailout deal isn't reached by Monday.
Shares of France's Credit Agricole SA (CRARY, ACA.FR) lost 1.7%
to $4.22 and Spain's Banco Santander SA (SAN, SAN.MC) fell 1.5% to
$7.28.
The European index fell 0.9% to 127.28.
Elsewhere in the region, shares of German software giant SAP AG
(SAP, SAP.XE) slumped 3% to $80.72 after U.S. rival Oracle Corp.
(ORCL) late Wednesday issued earnings below expectations.
The Asian index fell 0.9% to 135.44.
Suntech Power Holdings Co.'s (STP) U.S.-listed shares tumbled
25% to 44 cents after resuming trade Thursday. The shares were
halted before Wednesday's open after Suntech--once the world's
largest solar-panel supplier--said it was involved in bankruptcy
court proceedings. The New York Stock Exchange said Thursday it is
reviewing whether Suntech's ADS should continue to list on the Big
Board.
Also Thursday, another Chinese solar company, China Sunergy Co.
(CSUN), reported its product shipments fell short of expectations
in the fourth quarter due delays early in the quarter. Shares fell
9.7% to $1.30.
The Latin American index fell 0.8% to 321.53 and the emerging
markets index shed 1% to 277.74.
Brazilian steel companies slumped, led by a 3.4% slump for
shares of Companhia Siderurgica Nacional (SID, CSNA3.BR). Gerdau SA
(GGB, GGBR3.BR) fell 1.3% to $7.41.
Write to Mia Lamar at mia.lamar@dowjones.com