January 9, 2013 (www.investorideas.com newswire) Firmer footing for European markets this morning following a two-drop this week, providing value hunters with the opportunity to enter the market at lower levels. Alcoa's encouraging 4Q numbers have lifted spirits across global markets, soothing some of those concerns in the previous session of a poor showing from the resource giant.
Still early days for US earnings season with investment banking giants (JPMorgan, Goldman Sachs, Bank of America and Morgan Stanley) reporting 4Q figures next week, but the positive tone has certainly been set, particularly when it comes to outlook statements. Putting the headline figures from Alcoa aside, the optimistic forward guidance regarding growth in aluminium demand this year supports the China and emerging market recovery story. That said, management at Alcoa have warned that the looming US budget and debt ceiling battle is the biggest unknown – a view that will most certainly be shared across corporate America this reporting season. With these concerns hanging over markets for the next few weeks, enthusiasm to build risk will most certainly be constrained until we hear of meaningful development in Washington.
Little on today's economic agenda in Europe and US with only German industrial production worth noting – traders in the region are turning their focus to Thursday's central bank policy meetings with some speculation over the ECB cutting rates. Other scheduled events today include Germany selling EUR5billion of 0.5% fiver-year Bobls.
Published at the Investorideas.com Newswire - Big ideas for Global Investors
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