Economic Event #2

As I read the following article from Newsweek the fact my week preformed as it did made some  sense. Especially as it relates to the silver stock. I am grateful I closed my Canadian protfolio earlier in the week. Perhaps there is still hope as my unknowing classmates wait until 2pm waiting for profits to push them forward in the rankings as the game ends.

Canadian Stocks fall as 

Chinese Interest rates concerns Weaken Oil

By Matt Walcoff

Nov. 12 (Bloomberg) -- Canadian stocks fell, headed for the biggest weekly loss in almost three months, as oil and metals dropped on speculation that China will raise interest rates.

The Standard & Poor’s/TSX Composite Index decreased 139.89 points, or 1.1 percent, to 12,794.85 as of 10:44 a.m. in Toronto. For the week, the index has slipped 1 percent.

The S&P/TSX surged 17 percent in the four months ending last week as the U.S. dollar plunged and commodities rallied on concern U.S. monetary stimulus would weaken the currency. The greenback is having its biggest weekly gain since August as unease over European government debt sends the euro lower.

Chinese stocks declined the most since August 2009 today as investors speculated the People’s Bank of China will raise interest rates. Yesterday, the country said consumer prices increased 4.4 percent in October, the most in two years.

Crude oil retreated the most in three weeks, losing 1.6 percent to $86.38 a barrel. China is the world’s second biggest user of the fuel behind the U.S., according to the U.S. Energy Department.

Energy Shares.

All of the major base metals traded on the London Metal Exchange fell, with zinc tumbling as much as 4.7 percent. China, the world’s largest metals consumer, sold zinc from its reserves at below-market prices to curb recent price gains...    

The story goes on to finish  ...BlackBerry maker Research In Motion Ltd. advanced 3.7 percent to C$61.53, extending its three-day increase to 11 percent. I guess I could have held on to that stock.

To read the story in it's entirety please click here.