* BlackRock says China, U.S. support commodities growth
* Downplays impact of Euro-crisis on demand
* Overweight in iron ore equities
By James Regan
SYDNEY, Oct 30 (Reuters) – BlackRock Inc, the
world’s largest money manager, downplayed the impact of Europe’s
financial woes on commodities markets on Tuesday, and said
robust Chinese demand and an improving U.S. economy will support
growth.
“The U.S. has been a big surprise to the upside, not of the
order of Chinese GDP growth numbers… but it is much better
than many people had expected at the beginning of the year,”
Catherine Raw, co-manager of BlackRock’s BGF World Mining Fund
told reporters on a media call on Tuesday.
“The euro zone crisis, at least for the moment seems less of
a concern,” Raw said.
BlackRock manages about $3.67 trillion of funds across
equity, fixed income, cash management and other sectors, while
its BGF fund manages $11 billion of mining stocks.
BGF’s biggest holdings include Rio Tinto ,
which makes up 9.3 percent of the fund, and BHP Billiton
, which makes up 8 percent, according to a
September 30 entry on the company’s website.
Continued…
