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Asia stocks rise as Alcoa sees stronger demand

7:27 AM, Jan 9, 2013   |    comments
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BANGKOK (AP) - 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 percent increase in demand this year, slightly better than the 6 percent 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.

The price of oil fell below $93 Wednesday after unemployment in the countries that use the euro rose to its highest level since the single currency was founded.

Benchmark oil for February delivery was down 19 cents to $92.96 per barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract fell 4 cents to finish at $93.15 a barrel in New York.

 

 

 

 

 

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