By Emily Glazer Of DOW JONES NEWSWIRES NEW YORK (Dow Jones)--International companies trading in New York closed lower Wednesday as investors' worries about the economic outlook following comments from U.S. Federal Reserve Chairman Ben Bernanke overshadowed better-than-expected earnings from a host of companies. The Bank of New York index of ADRs closed down 1.3% to 119.96. The energy sector fell broadly, as crude-oil prices slipped below $77 a barrel after a government report showed across-the-board gains in oil and fuel inventories, a reversal after two weeks of tightening supplies. Shares of Royal Dutch Shell PLC (RDSA, RDSB) were off 1.7% to $53.87, Spain-based energy company Repsol YPF SA (REP, REP.MC) lost 3.3% to $22.28 and French oil-and-gas company Total SA (TOT, FP.FR) fell 3.4% to $47.48. Meanwhile, U.K. oil giant BP PLC's (BP, BP.LN) agreement to sell $7 billion of oil and gas assets in North America and Egypt to Apache Corp. (APA) looks like a good deal for the embattled British company that is reeling from the Gulf of Mexico oil spill, said analysts and investors. Shares of BP rose 2.6% to $36.13. Materials stocks continued to rally, boosted by a rise in the price of copper futures and continued strength in the sector's corporate earnings. Shares of Brazilian steelmaker Companhia Siderurgica Nacional (SID, CSNA3.BR) gained 1.4% to $15.88 and Brazilian long-rolled steel producer Gerdau SA (GGB, GGBR4.BR) increased 1.5% to $14.02. The European index fell 1.4% to 109.73. The Financial Industry Regulatory Authority has fined Deutsche Bank AG (DB, DBK.XE) $7.5 million for negligently misrepresenting delinquency data in connection with the issuance of subprime securities. Shares of the German bank slid 2.4% to $60.42. Spanish state-owned credit institution Instituto de Credito Oficial, or ICO, is planning to issue a five-year, euro-denominated, benchmark bond, and has set price guidance at 175 basis points over mid-swaps, one of the banks running the deal said. BNP Paribas SA, Credit Suisse, Goldman Sachs Group Inc. and Banco Santander SA (STD, SAN.MC) are acting as joint-lead managers. Shares of Banco Santander lost 4.9% to $12.12. Shares of medical-device makers fell after some of the sector's heavy hitters signaled ongoing struggles in top markets for orthopedic and heart devices, which face growth challenges and a persistent threat to product prices. Shares of U.K.-based medical-device company Smith & Nephew PLC (SNN, SN.LN) lost 6.2% to $42.41. CNH Global N.V. (CNH, NHL.BE) swung to a second-quarter net profit from a year-ago loss as sales of construction machinery rose 44% and margins improved on farm equipment. Shares of the Netherlands-based agricultural and construction rose 6% to $29.88. The Latin American index slid 0.4% to 356.92. Telemar Participacoes SA, parent of Brazil's biggest fixed-line phone company Oi (TNLP4.BR), said in a statement Tuesday that it isn't in talks to sell a stake to Portugal Telecom SGPS SA (PT, PTC.LB). Shares of Portugal Telecom dropped 5.1% to $10.06. Mexico's largest fixed-line phone company, Telefonos de Mexico SAB de CV (TMX, TFONY), said it saw broadband growth slowing. This followed Tuesday's net profit loss of 39% in the second quarter on weak sales. Shares slid 3% to $14.09. The Asian index lost 1.4% to 116.78. Barclays called China Sunergy Co. (CSUN) an "underappreciated story," and raised its 2010 per-share earnings estimate on the solar company to well ahead of the consensus view. "Despite positive cell [market] fundamentals, shares of the solar-cell company have not participated in the recent solar rally," the firm said. Shares gained 6.3% to $4.21. The Obama administration came under pressure to disclose more information about its investigation of Toyota Motor Corp. (TM, 7203.TO), with congressional Republicans questioning whether officials are withholding information that could favor Toyota in some crashes. Shares fell 1.5% to $69.17. The emerging-markets index dropped 0.7% to 292.15. Russian steel and coal producer Mechel OAO (MTL, MTLR.RS) said its production of coking coal concentrate more than doubled in the first half of 2010, to 5.39 million metric tons. Shares rose 3% to $19.64. -By Emily Glazer, Dow Jones Newswires; 212-416-2913; emily.glazer@dowjones.com (END) Dow Jones Newswires July 21, 2010 17:10 ET (21:10 GMT)
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