20100713 1613 Global Market News.

China stocks slide on property, weigh on Asia
HONG KONG, July 13 (Reuters) - Chinese stocks fell 2 percent on Tuesday on reports that Beijing will not relax tougher property measures any time soon, weighing on the Australian dollar and curbing early gains in Asian shares.
"Although there's a sense of selling fatigue, investor sentiment is still bearish, and the market is looking for a catalyst. Corporate earnings could be one," said Naoki Koga, a senior fund manager at Toyota Asset Management in Tokyo. 

July 12 (Bloomberg) -- Alcoa Inc., the largest U.S. aluminum producer, reported second-quarter profit that topped analysts’ projections as higher metal prices boosted sales. The shares rose. Earnings from continuing operations were 13 cents a share, exceeding the 11-cent average estimate of 17 analysts surveyed by Bloomberg. Net income of $136 million, or 13 cents a share, compared with a net loss of $454 million, or 47 cents, a year earlier, New York-based Alcoa said today in a statement. Sales gained 22 percent to $5.19 billion.

Stocks hit 2-week high on earnings optimism
LONDON, July 12 (Reuters) - World stocks briefly hit a two-week peak as expectations rose that U.S. corporate earnings this week would point to a sustainable economic recovery in the world's biggest economy.
"In view of the concerns that the markets and investors have had about the loss of economic momentum, these results will be pretty important. If these earnings are good, this market is going to fly," said Mike Lenhoff, chief strategist at Brewin Dolphin.