Last night, Alcoa, Inc. (NYSE/AA), the world’s largest aluminum producer, reported what I thought were terrible earnings: a third-quarter 2012 net loss of $143 million, compared to a net loss of $2.0 million in the second quarter of 2012 and compared to net income of $172 million in the same period of 2011.

Chevron Corporation (NYSE/CVX) said last night that its third-quarter earnings would be “substantially” lower than the previous period. Both Alcoa and Chevron stocks were hammered overseas during the night.

Is this a Recession starting?