Good morning,

Markets are called to open higher this morning.

Alcoa Profit Misses Estimates Amid Excess Aerospace Inventories

Alcoa Inc., the largest U.S. aluminum producer, reported fourth-quarter profit that missed analysts’ estimates because of a glut of rolled metal used in the aerospace industry. The net loss was $2.34 billion, or $2.19 a share, compared with net income of $242 million, or 21 cents, a year earlier, New York-based Alcoa said yesterday in a statement. Profit excluding a $1.7 billion non-cash goodwill impairment and other one-time items was 4 cents a share, trailing the 6-cent average of 16 estimates compiled by Bloomberg.


• S&P may announce rating actions on Portugal, Germany, in line with its 2014 calendar

• Covered Bond Shock Forces Denmark to Examine ‘Plan B’ for Banks

• Itau Says Bank Still in Talks With Corpbanca Over Asset Merger

• Mercedes-Benz Expects Record Sales in Japan in 2014: Ueno

• Monte Paschi Said to Schedule Board Meeting for Jan. 14

• Rolls-Royce Considering Production of a 4×4: Sky News

• Spanish Supermarket Chain DIA to Exit Beijing: Beijing News

• Labour Says Sale of Royal Mail Short Changed U.K. Taxpayers

• Portugal Sells 3.25 Billion Euros of Notes Amid Debt Rally

• Bankia Lures Foreigners With $1.4 Billion First Debt Sale

• NXP CEO Considering Acquisitions of as Much as $1.5 Billion

• Montagu Said to Hold Exclusive Talks on $823m Units

• Marchionne Says Fiat Will Rehire All Its Workers: Repubblica

• Berkeley Wins Approval to Build Homes on ‘Fortress Wapping’ Site

• Cineworld Close to Merger W/ Poland’s Cinema City: Sky

• Metro May Be Broken Up, CEO Replaced in Dispute: Platow

• Infosys Raises Sales Forecast as European IT Demand Revives


• Lufthansa (LHA GY) 1pm, Dec. traffic

• SAS (SAS SS) TBD, Dec. traffic

• JD Sports (JD/ LN) 8am, Dec. sales/trading

• Hilton Food (HFG LN) 8am, 4Q sales/trading

• XP Power (XPP LN) 8am, 4Q sales/trading

Good day and happy trading!

Kristian Camenzuli