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Global Market Wrap-Up - November 15, 2012

Thursday, November 15, 2012
Mark Hanna
U.S. stocks continued to selloff Thursday, as investors found little reason to buy. The S&P 500 fell 0.2% while the NASDAQ dropped 0.4%.
  • 439,000 people filed for their first week of unemployment benefits last week. That was much higher than the forecast of 388,000 - however much of the increase was due to Sandy.
  • The Consumer Price Index showed prices rose 0.1% in October, according to the Bureau of Labor Statistics. Year-over-year, prices were up 2.2%. Falling gas prices were one of the biggest factors subduing inflation. At the end of October, the national average for a gallon of unleaded gas stood at $3.52, down 26 cents from the end of September. Meanwhile, food prices rose 0.2% in October and are up 1.7% from a year earlier.
  • Core CPI (excluding energy and food), rose 0.2% in October. Year-over-year, core CPI was up 2%.
  • The Federal Reserve Bank of Philadelphia’s general economic index decreased to minus 10.7 in November from 5.7 a month earlier. A reading of zero is the dividing line between expansion and contraction .
Oil dropped 87 cents to $85.45 a barrel. Gold fell $16.30 to $1,713.80 an ounce while silver gave back $.206 to $32.67.

Britain's FTSE 100 and Germany's DAX both fell 0.8%, while France's CAC 40 fell 0.5%.
  • The eurozone fell into recession in the third quarter, as official figures showed growth among the 17 euro countries shrinking 0.1%. It's the second recession in the eurozone since 2009..
  • Annual inflation in October was 2.5%, compared with 2.6% in September.
The Shanghai Composite dropped 1.2% and Japan's Nikkei jumped 1.9%. The Japanese market rallied as hopes for a new government that could lead to ever easier monetary policy weakened the yen, and drove up the shares of exporters.