NEW YORK Jan 9 U.S.-listed shares of foreign
companies rose on Wednesday, rebounding from a two-day decline
following a strong start to the U.S. earnings season.
Solar power companies rallied after China said it would more
than double its installed solar power capacity this year from
Alcoa Inc reported an adjusted fourth-quarter profit
that met expectations and said it was cautiously optimistic that
demand for aluminum would continue to grow in 2013.
Investors have been concerned that the recent impasse over
the U.S. fiscal cliff and signs of slowing economic growth would
weigh on earnings this season, resulting in anemic growth.
Alcoa, as the first Dow component to report, is seen as starting
the season with a positive tone.
Cyclical shares, which are closely tied to the pace of
economic growth, advanced. Aluminum China gained 1.1
percent to $12.40.
The BNY Mellon index of leading Asian ADRs jumped
1.1 percent, outpacing the 0.5 percent rise in the BNY Mellon
index of leading American depositary receipts. The S&P
500 rose 0.4 percent.
Solar companies in Asia were among the day's strongest
performers day after the Chinese government's announcement on a
more than doubling of installed solar power capacity.
China Sunrgy climbed 4.5 percent to $1.64 while JA
Solar soared 11 percent to $5.70. LDK Solar Co
jumped 8.7 percent to $2.24.
The BNY Mellon index of leading European ADRs rose
0.4 percent as the FTSEurofirst 300 index of top shares
closed up 0.7 percent, hitting a 22-month closing high on a
bullish start to the earnings season.
The BNY Mellon index of leading Latin American ADRs
rose 0.5 percent.
Among the most active foreign shares traded on U.S.
exchanges, Tata Motors Ltd rose 5.9 percent to $30.38
after Credit Suisse and CLSA upgraded their ratings on the
automaker's stock, citing expectations for improving sales. The
company's India-listed shares hit a record high.