Emerging-Market Stocks Rise on Apple Earnings, Rising Commodities Prices
July 21 (Bloomberg) -- Philip Orlando, chief equity market strategist at Federated Investors Inc., talks with Bloomberg's Susan Li about his investment strategy for global stocks. Orlando, speaking from New York, also discusses the outlook for the U.S. economy and stock market. (Source: Bloomberg)
July 21 (Bloomberg) -- Ally Ma, an analyst at Citigroup Inc. in Hong Kong, talks with Bloomberg's Linzie Janis about the outlook for Chinese airline stocks. Chinese airlines carried 21.8 million passengers in June, 23.2 percent more than a year earlier, the Civil Aviation Administration of China said on its website yesterday. Ma also discusses China's aerospace industry. (Source: Bloomberg)
Emerging-market stocks reached their highest level in a month on higher prices for industrial metals and better-than-estimated earnings by Apple Inc.
The MSCI Emerging Markets Index traded 1 percent higher at 963.09 as of 3:49 p.m. New York time, adding to yesterday’s 0.9 percent advance. Russia’s Micex Index climbed 2 percent for its steepest gain since July 6 and China’s Shanghai Composite Index rose 0.3 percent, its third day of advances in its longest winning streak since April. Brazil’s Bovespa stock index rose 0.1 percent and earlier gained as much as 1.1 percent to the highest intraday level in a month.
Vale SA, the world’s biggest iron-ore producer, rallied for a third day, gaining 0.6 percent. Usinas Siderurgicas de Minas Gerais SA, Brazil’s second-biggest steelmaker, gained 2.7 percent as the company said it plans to raise steel prices after raw-material costs increased.
“There’s better growth out of emerging markets versus developed markets,” said Philip Orlando, a New York-based chief equity market strategist at Federated Investors Inc., which manages about $350 billion of assets. He spoke in a Bloomberg Television interview. “The stock market globally is extremely attractive.”
OAO Lukoil, Russia’s second-biggest oil producer, rose 2.9 percent, its biggest gain in six weeks, and OAO Gazprom, the world’s largest gas company, was 2 percent higher as oil earlier rose to its highest level in three weeks in New York before dropping 1.4 percent after the U.S. government reported an unexpected increase in supplies and the highest rate of refinery operation in almost three years.
Samsung Electronics Co., which supplies semiconductors for Apple, rose 2.4 percent after the U.S. firm beat analysts’ estimates for third-quarter net income and sales. LG Chem Ltd., the iPhone battery supplier that reported record quarterly profit yesterday, rallied 4.4 percent.
Apple Beats Estimates
Apple’s net income increased to $3.51 a share, compared with the $3.11 forecast by analysts surveyed by Bloomberg.
KGHM Polska Miedz SA, Poland’s sole copper producer, climbed 5.1 percent, its biggest gain in 10 weeks. Copper futures for September delivery rose the most in five weeks, gaining 3 percent after Freeport-McMoRan Copper & Gold Inc., the world’s biggest publicly traded producer, said the metal’s outlook is “positive.”
New World Resources NV, the largest Czech supplier of coal to steelmakers, rose 4.8 percent, its biggest jump since May 10, after saying customers had agreed to an increase of coking coal and coke prices.
To contact the reporters on this story: Shiyin Chen in Singapore at schen37@bloomberg.net; Jason Webb in London at jwebb25@bloomberg.net.
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