ADR Shares End Lower as European Commission Cut Economic-Growth Forecast

   By Anna Prior 
 

International companies trading in New York closed lower Tuesday as the European Commission cut its economic-growth forecast for the euro zone.

The Bank of New York index of American depositary shares fell 0.8% to 147.90.

The European Commission cut its 2014 economic growth forecast for the 17-nation euro zone to 1.1% from 1.2% and raised its forecast for the unemployment rate to 12.2% from 12.1%.

Meanwhile, in the U.S., the Institute for Supply Management's nonmanufacturing purchasing managers index for October rose to 55.4 from 54.4 in September, bucking expectations for a decline.

The European index dropped 0.6% to 143.42.

Deutsche Bank AG (DB, DBK.XE) fell after Bloomberg reported that co-Chief Executive Juergen Fitschen is a suspect in a probe into courtroom testimony given in a long-running legal dispute between the bank and Leo Kirch's media group. Shares fell 2.1% to $46.51.

However, shares of U.K.-based pharmaceutical group Shire PLC (SHPG, SHP.LN) got a boost after the company Tuesday announced positive results from two studies evaluating the efficacy and safety of Vyvanse capsules for adults with binge-eating disorder. Shares rose 2.2% to $137.98.

The Asian index fell 0.8% to 148.13.

Trina Solar Ltd. (TSL) raised its third-quarter shipment guidance, marking the second consecutive quarter that the Chinese solar-products maker has boosted its outlook. However, shares fell 3.7% to $16.15.

The Latin American index lost 2.2% to 297.02, and the emerging-markets index fell 1.6% to 279.97.

Brazilian stocks added to declines, with Centrais Eletricas Brasileiras SA (EBR, ELET6.BR) falling 8.2% to $2.80, Gafisa SA (GFA, GFSA3.BR) losing 5.2% to $2.54 and Itau Unibanco Holding SA (ITUB, ITUB3.BR, ITUB4.BR) down 4.1% to $14.66.

Write to Anna Prior at [e-mail]