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In recent years the reporting season has provided a boost to equity markets, as the majority of companies have announced figures that above analysts’ estimates.
Alcoa revealed a strong set of figures last night despite a recent slump in commodity prices. Natural resources have been in a downward trend over the past few months as traders are concerned that China is slowing down, but the aluminium giant still managed to impress traders with its results.
A knock-on effect can be seen in London, where the mining sector is up 2%; the best performing sector of the day. Ferrexpo has come out on top, as the iron ore producer announced an 11.4% increase in yearly output. The stock is up 10% today. Egyptian gold miner Centamin is bucking the positive trend; the share price is down 4% due to political uncertainty in the country.
Across the pond, the Dow is up 50 points at 15,274; the US equity benchmark opened higher but has been drifting lower as traders have used the Alcoa results as an excuse to lock in profits. We are not expecting a corporate announcement from any major US companies during the rest of the session, but the Federal Reserve is making a statement tomorrow evening (London time).