Tread Lightly in Metals Stocks

It hasn't been a good couple of days for metals stocks. On Monday we learned not only of weaker-than-expected gross domestic product growth in China's first quarter, but that the country's industrial-production data was also slower than anticipated. Ahead of that data, the World Bank trimmed 0.1 percentage points off its China GDP growth forecast to 8.3% for 2013. Given the miss, it looks like the World Bank will have more revising ahead. 

That's in addition to the April ZEW Indicator of Economic Sentiment Survey for Germany, which depicted a sharp fall in sentiment this month -- reflecting revitalized concern for the eurozone, as well signs of a global slowdown. Last week, the University of Michigan similarly reported a drop in U.S. consumer sentiment to the lowest level in nine months. That, combined with the weak domestic retail sales for March, seem to explain a recent Bloomberg report that the IMF will cut its growth forecast in its next half-yearly World Economic Outlook. In fact, these most recent data suggest a deeper cut may be needed. ...343 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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