By David Merritt
April 13 (Bloomberg) -- Stocks and commodities fell, with oil declining for a fifth day, as Alcoa Inc. reported sales that disappointed investors and China damped speculation of an imminent revaluation of the yuan. The MSCI World Index of 23 developed nations’ stocks fell 0.2 percent at 10:23 a.m. in London. Futures on the Standard & Poor’s 500 Index lost 0.3 percent and Alcoa slid 3.3 percent in German trading. Aluminum dropped for the first time in four days.
Alcoa, the largest U.S. aluminum maker, reported first- quarter sales that missed analysts’ estimates, kicking off the U.S. earnings season after a 7.3 percent rally in the S&P 500 this year. Chinese leader Hu Jintao met with U.S. President Barack Obama and rebuffed calls to strengthen a yuan that American lawmakers say is hindering an economic recovery.
“Valuations are looking a bit stretched,” said Chris Hall, who helps manage about $3.7 billion at Argo Investments in Adelaide, Australia. “No one’s disputing there’s going to be a recovery, but it’s the question of magnitude that’s got people a little bit cautious. Investors are waiting for evidence earnings are sustainable beyond the benefits of stimulus measures.”
The decline in U.S. futures indicated the Dow Jones Industrial Average may retreat after yesterday closing above 11,000 for the first time since September 2008. Combined profit for S&P 500 companies will increase 30 percent in the first quarter from a year earlier, the first back-to-back quarterly profit gains among U.S. companies since 2007, according to analyst estimates compiled by Bloomberg.
http://www.bloomberg.com/apps/news?pid=20601087&sid=at1hLY4z0md8&pos=3
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