<img src="/images/nav_ra.png" />

A / A / A

Global Market Wrap-Up - February 21, 2013

Thursday, February 21, 2013
Mark Hanna
U.S. stocks fell for a second session as the S&P fell 0.6% and the NASDAQ 1.0% as poor European purchasing managers index data weakened stocks early in the day and ho hum U.S. economic data pushed it down later.
  • The Philadelphia branch of the Federal Reserve reported a surprise decline in its monthly business outlook survey. The reading fell to -12.5 in January from -5.8 in December. Economists were expecting the index to rise to 1.5.
  • The National Association of Realtors reported that existing home sales rose 0.4% in January. But the number of homes for sale dropped to the lowest level in more than 13 years.
  • The Consumer Price Index was unchanged month-over-month in January, and up 1.6% from a year ago. Core CPI, which strips the price of food and energy, increased 0.3% month-over-month in January, and 1.9% from a year earlier.
  • Jobless claims increased by 20,000 to 362,000 in the week ended Feb. 16, the Labor Department reported.
Crude oil fell 2.5% to $92.84 while gold gained 0.04% to $1578.60 and silver rallied 0.3% to $28.70.

Britain dropped 1.6%, Germany 1.9%, and France 2.3%.
  • Markit's preliminary index measuring service and manufacturing activity for the European currency bloc fell to 47.3 in February, below expectations of 48.5. Readings below 50 indicate contraction.
  • The manufacturing PMI for Germany rose to 50.1, a 12-month high, while the same reading for France climbed to 43.6, a 2-month high, but fell short of expectations. A reading above 50 indicates expansion.
Japan fell 1.4% while China sunk 3.0%.
  • China's cabinet on Wednesday repeated its pledge to use a number of measures, including home-purchase limits and higher down-payment requirements, to clamp down on real-estate speculation and curb price increases. The cabinet also referred to a possible expansion of a real-estate tax, which is currently being tried in two cities, to additional locations, though it gave no details.

Check the background of our investment professionals on FINRA’s BrokerCheck.

Investing in foreign securities involves risks, such as currency fluctuation, political risk, economic changes, and market risks. Precious metals and commodities in general are volatile, speculative, and high-risk investments. As with all investments, an investor should carefully consider his investment objectives and risk tolerance as well as any fees and/or expenses associated with such an investment before investing. International investing may not be suitable for all investors.

Dividend yields change as stock prices change, and companies may change or cancel dividend payments in the future. The fluctuation of foreign currency exchange rates will impact your investment returns. Past performance does not guarantee future returns, investments may increase or decrease in value and you may lose money.

Our investment strategies are based partially on Peter Schiff's personal economic forecasts which may not occur. His views are outside of the mainstream of current economic thought. Investors should carefully consider these facts before implementing our strategy.