The Dow Jones Industrial is plummeting due to Alcoa Inc. (NYSE: AA) collapse and bad Chinese imports

Alcoa Inc. (NYSE: AA) called Bears

In brief: The Dow Jones Industrial continues to lose in value against the Chinese bad news and Alcoa Inc. (NYSE: AA) shares fell in prices sharply.

Alcoa Inc. (NYSE: AA) is 11.23 points, down -0.43 (-3.73%) for the trading session the first half. The Dow Jones Industrial revolves around 10,600, losing -96.05 points (-0.90). The main problem for the U.S. economy is the new data from China.

The volume of exports from China in July amounted to 145.5 billion dollars (38.1% compared with last year’s figure), and the volume of imports – 116.8 billion dollars (22.7% relative to the index of July 2009). With such disappointing data on Chinese imports of metals prices began to fall, resulting in a decrease in quotations in the mining sector at the opening of European trading. A similar pattern is observed in the American mining sector: shares of aluminum giant Alcoa Inc. cheaper by 3.7%, copper mining Freeport-McMoRan Copper & Gold Inc. – By 2,7%. Note that in the “minus” and quotes were gold Barrick Gold (-2,15) and Newmont Mining (-1,5%).

Anrey Torbinski
2010-08-10 16:57, Economics.

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