21°c N/A
The Canadian Press - ONLINE EDITION
Asian stock markets rise after aluminum giant Alcoa forecasts stronger demand
In this Friday, Dec. 28, 2012, photo, traders work on the floor at the New York Stock Exchange in New York. World stock markets headed lower Tuesday Jan. 8, 2013 as investors turned cautious before U.S. earnings season kicks off this week. (AP Photo/Seth Wenig)
BANGKOK - Asian stock markets rose Wednesday after the fourth-quarter earnings season got off to a positive start in the U.S. with aluminum giant Alcoa forecasting higher demand for 2013.
Demand for aluminum has been hurt by the weak global economy, but Alcoa predicted a 7 per cent increase in demand this year, slightly better than the 6 per cent increase in 2012. Because Alcoa makes aluminum for so many key industries, investors study its results for clues about the health and direction of the overall economy.
Hong Kong's Hang Seng advanced 0.3 per cent to 23,188.77 and Australia's S&P/ASX 200 added 0.4 per cent to 4,709.50. South Korea's Kopsi was marginally higher at 1,998.84.
Japan's Nikkei 225 index opened lower on a strengthening yen but reversed course as the currency slipped against the dollar. The benchmark in Tokyo gained 0.5 per cent to 10,559.24.
European stock markets fell Tuesday on a report showing unemployment in the 17 countries that use the euro hit 11.8 per cent in December, a record high and up from 11.7 per cent the previous month.
Major indexes surged last week after U.S. lawmakers passed a bill to avoid a combination of government spending cuts and tax increases that have come to be known as the fiscal cliff. The deal, however, remains incomplete, and trading has been cautious since then. Politicians will face another deadline in two months to agree on more spending cuts.
U.S. stocks closed lower Tuesday, before Alcoa's earnings report was released. The Dow Jones industrial average dropped 0.4 per cent to 13,328.85. The Standard & Poor's 500 index fell 0.3 per cent to 1,457.15. The Nasdaq composite index shed 0.2 per cent to 3,091.81.
Benchmark crude for February delivery was up 7 cents to $93.21 per barrel in electronic trading on the New York Mercantile Exchange. The contract fell 4 cents to close at $93.15 per barrel on the Nymex on Tuesday.
In currencies, the euro fell to $1.3075 from $1.3084 Tuesday in New York. The dollar rose to 87.45 yen from 87.19 yen.
More Latest News
- Back to Top
- Return to Latest News
More Latest News
(1 of 50 articles for today)
Pittsburgh Penguins take Game 4 with 7-3 romp over Ottawa Senators
11:00 PM 0
Poll
Most Popular Latest News
- Man dies after being pulled from vehicle submerged in Winnipeg retention pond
- Winnipeg woman camps out in front of legislature to protest child welfare
- Grocer Joe Cantor dies at 88
- Two men now facing first-degree murder charges in Tim Bosma test drive death
- New owner for lumber stores
- New downtown tower could be 42 storeys tall: developers
- 2 dead in crash near Portage la Prairie
- Peeping Tom portrayed as sexual deviant in court
- Man killed after test drive a regular guy, and it cost him his life: widow
- 87-year-old woman tells jurors, 'Somebody had to stand up to' Donald Trump
- 87-year-old woman tells jurors, 'Somebody had to stand up to' Donald Trump
- Man dies after being pulled from vehicle submerged in Winnipeg retention pond
- Aboriginal leader Elijah Harper dies
- Horrific crash kills minivan driver near Brandon
- Woman killed in head-on crash in southwestern Manitoba
- Charleswood deaths being investigated as domestic incident
- Grocer Joe Cantor dies at 88
- Winnipeg woman camps out in front of legislature to protest child welfare
- Rainfall warning issued for southern Manitoba
- Crushing blow for amateur sport
- Seattle man dribbling soccer ball to Brazil killed by car on Oregon Coast
- 87-year-old woman tells jurors, 'Somebody had to stand up to' Donald Trump
- Man dies after being pulled from vehicle submerged in Winnipeg retention pond
- Driver crashes into tree near golf course
- Arrests made after raids on local head shops
- Aboriginal leader Elijah Harper dies
- News of city's $17-million winner leaks out on FB
- Passengers from diverted flight to leave Winnipeg Thursday night
- No threat from bag found at Winnipeg Square
- Susan Griffiths dies in Switzerland
- New owner for lumber stores
- Grocer Joe Cantor dies at 88
- Famous city grocer loved job, customers
- Developers to unveil plans for bold downtown tower
- Heritage Winnipeg hosting 10th annual Doors Open Winnipeg this weekend
- Order of Manitoba recipients announced
- Paying bills and consumer consumption hurting Canadians' ability to save: study
- Horrific crash kills minivan driver near Brandon
- Creative industries can fuel a city's economic engine
- Man dies after being pulled from vehicle submerged in Winnipeg retention pond
- New owner for lumber stores
- Aboriginal leader Elijah Harper dies
- Grocer Joe Cantor dies at 88
- Marsh Madness: Photographers Fred Greenslade and Joe Bryksa capture spring migration's grandeur at Delta Marsh
- Horrific crash kills minivan driver near Brandon
- Prominent Canadians back petition to rename Victoria Day to honour aboriginals
- Famous city grocer loved job, customers
- Animals are animals, new ads say
- Skin picking gets status as distinct disorder, should help sufferers access help
- Order of Manitoba recipients announced
- New owner for lumber stores
- Aboriginal leader Elijah Harper dies
- Dogs can experience separation anxiety and depression just like humans
- Ontario steps in to help save ELA
- Saskatchewan professor wants to test the health benefits of nose-picking
- 'Revenge of the redheads': Ginger-haired Montrealers gather in celebration
- An uncommon phenomenon
- Passengers from diverted flight to leave Winnipeg Thursday night
- Hundreds pitch in to dig out houses damaged, destroyed by Ochre Beach ice floe
- Grocer Joe Cantor dies at 88
Ads by Google
You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is register and/or login and you can join the conversation and give your feedback.
Have Your Say
New to commenting? Check out our Frequently Asked Questions.
The Winnipeg Free Press does not necessarily endorse any of the views posted. By submitting your comment, you agree to our Terms and Conditions. These terms were revised effective April 16, 2010.