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Peter Hoskin

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Market roundup

Friday, 1st February 2008

Aluminum Corp. of China and Alcoa, the US company, have bought a £7.2bn stake in Rio Tinto, hindering BHP Billiton's plan to buy the world's third- largest mining company, says Bloomberg. The deal helped to raise the MSCI World Index and the FTSE 100 on Friday.    

In commodity markets, oil continues to retreat; it fell for the second day in a row during Thursday’s US trading session. In Asian time on Friday, Brent crude for March settlement traded 54 cents, or 0.6%, at $91.67. 

Gold held steady at around $925 an ounce. 

BA reported a 28.5% rise in operating profits in the first nine months of its financial year; its shares fell slightly. 

A number of “vulture” funds headed by investors such as Wilbur Ross, the American financier, are poised to pick up opportunities as firms enter financial trouble, according to the FT.

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