Global markets were mostly overnight, although the UK market and US small cap stocks outperformed.
US stocks dropped on Thursday after earnings disappointed and trade jitters escalated over worries that the European Union could slap retaliatory tariffs on goods imported from the United States. Shares in Alcoa plunged -13.3% after the aluminium producer cut its full-year forecast, blaming tariffs. It was not all bad news, as after the closing bell Microsoft posted quarterly profit and revenue that beat analysts' estimates.
Stock in Focus: Rio Tinto (RIO:AX)
As we touched on yesterday the mining stocks have been supporting gains for the Australian market in recent times, and both mining giants BHP and Rio Tinto have released solid production updates this week (ahead of their full results to be reported next month).
Rio's production results for the second quarter showed that iron ore shipments had increased by 14%, as the company said operational performanc...
