Asian Stocks Advance on Profit Outlook; Rupee, Gold Rise European stock-index futures rose with Asian shares, and credit risk declined after Alcoa (AA) Inc. started the U.S. earnings season with results that beat analysts’ estimates. Gold jumped the most in a week, while South Korea’s won and India’s rupee rallied. Euro Stoxx 50 Index contracts climbed 0.6 percent by 7:18 a.m. in London. Standard & Poor’s 500 Index (SPX) futures advanced 0.4 percent and the MSCI Asia Pacific Index gained 1.5 percent. The won strengthened for the first time in three days and the rupee rebounded from a record low. The cost of insuring corporate and sovereign bonds in the Asia-Pacific region against non-payment was set for the lowest close in a week. Gold rose 1.7 percent, and soybeans led gains in agricultural commodities. Alcoa, the first member of the Dow Jones Industrial Average to report quarterly results, yesterday posted sales and profit that exceeded analysts’ forecasts. European Union officials meet today after finance ministers in the euro area yesterday agreed on an aid package for Greece. Chinese shares swung between gains and losses after a report showed inflation rose more than forecast in June. “We are seeing margin expansion in U.S. companies that’s not happening in emerging markets at this point in time,” Tai Hui, chief Asia market strategist at JPMorgan Asset Management, which oversees about $1.5 trillion globally, said in a Bloomberg Television interview. “If the U.S. continues to grow, its demand for emerging market exports is likely to improve over time as well. As long as we get some growth momentum coming back into emerging markets, we will see quite an explosive rally in emerging market equities.” bloomberg/news/2013-07-08/asian-futures-heed-u-s-rally-as-alcoa-reports-yen-gains.html
Posted on: Tue, 09 Jul 2013 07:12:13 +0000
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