Market update: US third quarter earnings season kicks off positively – 10.10.2013
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Market update: US third quarter earnings season kicks off positively – 10.10.2013

October 10, 2013
|In Global Round Ups
|By Jesmond Mizzi Financial Advisors

Source: Henderson Global Investors

Wall Street closed slightly higher yesterday with the Dow Jones and the S&P 500 up 0.2% and 0.1% respectively. The US third quarter earnings season kicked off with aluminium producer Alcoa beating earnings expectations. The shares rose 2% due to improved margins and growth of speciality products. Elsewhere, shares in Hewlett-Packard leapt 8.9% after the company hinted about the possibility of initiating a buy back.

European stocks are higher this morning with the FTSE 100 up 0.7% and the FTSE Eurofirst 300 gaining 0.9% due to signs of progress in ending the US fiscal stalemate and averting a possible debt default. In Europe, banks and autos were up 1.3% and 1.2% respectively as a renewed appetite for risk prompted investors to buy into cyclical shares. In stock news, Kabel Deutschland shed 0.5% after it trimmed its revenue forecast for the current fiscal year and revealed that the pending takeover of the company by Britain's Vodafone would hit full-year net income.