SCOREBOARD: Aluminium dead-weight

Global equities dropped overnight following Alcoa's aluminium demand downgrade and the IMF's economic forecasts.

Not the best of sessions. Global equities took bit of a tumble overnight after Alcoa cut its forecast for aluminium demand on the basis of slower Chinese growth and Chevron warned that third quarter earnings would be substantially lower, although some of that was due to Hurricane Isaac. I guess the other reason it was ‘risk off’, is because of another downbeat report the IMF issued. They suggested that unless the European’s took action to solves the crisis (I kind of thought they had – ESM anyone? ECB?) then Europe’s banks would have to sell many trillions of euros of assets. Ohh yes and a ratings agency threatened more European downgrades.

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