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

A / A / A

Global Market Wrap-Up - November 9, 2012

Friday, November 9, 2012
Mark Hanna
U.S. stocks finished positive but well off highs reached mid day as a speech by President Obama regarding the economy and more importantly the fiscal cliff added to continued stress in the market. The S&P 500 added 0.2% and the NASDAQ 0.3%. For the week the S&P fell 2.3%, its worst weekly decline since June 1.
  • The University of Michigan's preliminary version of its consumer sentiment index for November came in at 84.9, topping forecasts of 82 and up from 82.6 last month.
  • October export prices rose 0.2%, compared with a 0.7% increase in the prior month. Import prices edged up 0.3%, compared with a 0.2% gain the prior month.
Oil rose 98 cents to $86.07 a barrel. Gold was up $4.90 to $1,739.90 an ounce while silver added $0.36 to $32.60.

Britain's FTSE 100 closed down 0.1%, the DAX in Germany dropped 0.6%, while France's CAC 40added 0.5%.

The Shanghai Composite fell 0.1% while Japan's Nikkei dropped 0.9%. China released a set of economic data which showed some pickup in activity, with inflation slowing:
  • Industrial production rose 9.6% in October from a year earlier. That exceeded the 9.4% median estimate of analysts. The increase in industrial output was the most in five months and compared with 9.2% in September.
  • Retail sales growth of 14.5% picked up from September’s 14.2%. Retail sales growth was the highest since March.
  • The consumer-price index increased 1.7%. China’s consumer price gains have slowed from a three-year high of 6.5% in July last year as food costs eased.

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.