Wednesday 7 December 2016

Unimpressive season start for Alcoa as aluminium giant reports loss

Published 09/04/2014 | 09:04

Trimming costs: Alcoa (Photo by Jeff Swensen/Getty Images)
Trimming costs: Alcoa (Photo by Jeff Swensen/Getty Images)

Alcoa kicked off U.S. earnings season on Tuesday, reporting earnings ahead of expectations as revenues missed forecasts.

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"There are a number of reasons to be cautious right now, whether that be corporate earnings season, which people are fairly pessimistic about, or the ongoing crisis in Ukraine that has flared up again this week," Craig Erlam, market analyst at Alpari, said.

The travel and leisure sector gained 0.4pc, a top riser, led higher by an upgrade to Ryanair by Barclays, with investors also focused on Lufthansa's traffic numbers later in the morning.

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