Updated : Tuesday January 13 , 2009 7:00:51 PM
LONDON: World markets sank Tuesday amid ongoing fears about the financial health of leading U.S. businesses after aluminum company Alcoa Inc. kicked off the fourth quarter earnings season in disappointing fashion.Alcoa reported after Wall Street closed Monday a quarterly loss of US$1.19 billion. The bigger than expected loss came only days after the aluminum giant announced job and production cuts due to sinking prices and weaker demand.In Europe, the FTSE 100 index of leading British shares was down 91.51 points, or 2.1 per cent, at 4,334.68, even though shares of the country's biggest supermarket chain Tesco PLC rose more than three per cent after it revealed in-line sales growth during the crucial Christmas trading period and indicated it would recruit some 10,000 people this year.Meanwhile Germany's DAX fell 98.21 points, or 2.1 per cent, to 4,621.41. Metro AG shares were down around 1.5 per cent after the German retailer reported lower-than-expected sales and profits.
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