“During An Election The Air Is Full of Speeches – And Vice Versa” -Anonymous
Markets Endure A Rough Week
World stock markets tumbled and commodity prices slid on Friday after new data provided further evidence of slowing economic growth in China. Crude oil prices fell again, posting their longest weekly losing streak in nearly 30 years, and emerging market stocks, bonds and currencies were all lower, with slowing Chinese growth reducing demand for commodities from developing countries. Canada’s main stock index fell almost 2 per cent, capping a woeful week as investors exited heavyweight financial and resource stocks, while telecoms was the only sector to escape the rout. The Toronto Stock Exchange’s S&P/TSX composite index ended down 263.33 points, or 1.92 per cent, at 13,473.67. It lost 5.6 per cent in the week, its worst weekly slump since September 2011. The Dow Jones industrial average fell 530.81 points, or 3.12 per cent, to 16,459.88, the S&P 500 lost 64.7 points, or 3.18 per cent, to 1,971.03 and the Nasdaq Composite dropped 171.45 points, or 3.52 per cent, to 4,706.04.
“People are using China as the main thing as an excuse for selling,” said Keith Bliss, senior vice-president at brokerage firm Cuttone & Co in New York. ”A lot of people know this is way overdone. They are just waiting and they are going to step back in next week.”
RCMP Warns of Fraudulent Scheme
The Royal Canadian Mounted Police is warning the public of fraudulent phone calls in which the caller claims to be an RCMP officer and informs individuals that they owe fines or income taxes. The scammer then threatens to arrest those individuals within 24 hours if they do not pay immediately. “Be aware: the RCMP does not contact individuals for the purpose of collecting fines or taxes,” the RCMP’s announcement states. “These types of telephone scams are designed to create such shock and anxiety that victims respond by sending money quickly in order to fix the problem.” What likely confuses victims of the scam is that a number for the RCMP will appear on victims’ call displays in most cases. Anyone who has received these phone calls or knows of someone who has is being asked to contact his or her local police force as well as the Canadian Anti-Fraud Centre at 1-888-495-8501.
Members of the public are also being directed to Canadian Anti-Fraud Centre’s website (www.antifraudcentre-centreantifraude.ca/index-eng.htm) to learn how to protect themselves against various fraudulent activities.
Sources: Bloomberg; Investment Executive; advisor.ca