US corporate profits are expected to show double-digit yearly growth in the third quarter reporting season that starts this week, but investors will be watching for signs of a slowdown that could remove a key support from US stock valuations.
Alcoa, the aluminium producer that opens the season with results on Tuesday, is expected to set a downbeat tone with earnings below their level in the second quarter, although still well above the third quarter of 2010.
Alcoa’s profits have been hit by a 6 per cent decline in average aluminium prices in the third quarter, not matched by a corresponding fall in costs.
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