Emerging Market ADRs Seen Outperforming
Meanwhile, HDFC Bank (HDB) increased 5%. Subsequent to the credit policy by India's central bank, HDFC announced that it has increased fixed deposit rates to 50 basis points from 25 basis points earlier.
Among Brazil ADRs, mining majors Empressa Brasileira de Aeronautica (ERJ) increased 5.9%. Banco Bradesco (BBD) was up 4.5% after the company announced an increase of 16.4% in its adjusted net income in the first half of the year. On July 30, Goldman Sachs (GS) assigned a buy rating to the stock with a target price of $21.3, representing an upside of 31.9%.
Rio Tinto (RTP) gained 3.5% during the past week. On July 29, 2010, the company revealed that it signed an agreement with Aluminum Corporation of China (ACH) to jointly develop a large iron-ore mine in Guinea, which would include planning, construction and management of the mine and associated rail and port infrastructure.
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