European ADRs lead in New York

Jumps in the steel and microchip makers sectors helped on Thursday as overseas stocks traded in the United States were up.

The Bank of New York’s index of leading European ADRs was up 0.2 percent to 126.51, leading Asian ADRs gained 0.7 percent to 110.29, and the leading Latin American ADRs were up 0.1 percent to 157.16.

Chipmakers advanced as US company Advanced Micro Device Inc. reported stronger-than-expected quarterly profits, which was taken as a sign that the global market is improving.

Among European chipmakers, Infineon was up 3.8 percent to $10.22 and STMicroelectronics added 2.9 percent to $18.03.

Asian chipmakers were up as well, with Taiwan Semiconductor Manufacturing Co. rising by 1.2 percent to $9.39, while United Microelectronics was up 1.6 percent to $4.44.

In the steel sector Corus, the Anglo-Dutch group, gained 5.8 percent to $8.42, while Highveld Steel from South Africa rose 1.1 percent to $9.02. Energy companies, on the other hand, saw losses as crude oil prices began to slip.

BP Plc lost 1.3 percent to $64.85, while Petrobras, a Brazilian company, lost 2.1 percent to $51.98.

Petrokazakhstan, a Canadian company operating in Kazakhstan, dropped 2.3 percent after being fined over $55 million for violations of anti-monopoly laws.

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