Investing
Add as a preferred source on GoogleArgus cited near-term margin pressure. Separately, aluminum prices were near multi-month lows as supply improved beyond the Middle East.
Argus’ rating change to Hold from Buy coincided Thursday, Oct. 22, with a 5% decline in Alcoa shares; the firm said near-term margin pressure prompted its move.
The aluminum market provided separate context. Supply was improving in markets beyond the Middle East; aluminum prices were near multi-month lows. Alcoa also continued to face pricing pressure.
Argus cited near-term margin pressure as the reason for its rating change. The aluminum-market conditions were reported separately.
Reuters cited Brent crude futures at $113.50 a barrel in a premarket report; by late morning, the IT index was up 1% while 15 of 16 major sectors were lower.
Madhavi Arora said cheaper trades may support liquidity, while portfolio decisions also depend on company results, currency moves and policy.
The CSI 300 closed 20.2% below its June 22 high, while official data showed September retail sales rose 1.1% year over year.
