Tuesday, March 18, 2008

Commodity stocks looking bad

Globe and Mail Update
March 18, 2008 at 6:00 AM EDT

The spreading fallout from the imploding credit market may have grabbed the headlines yesterday, but it was another asset bubble that inflicted most of the damage on the Toronto Stock Exchange – an ominous sign of what Canadian investors could face as global financial markets move into another messy phase.

The alarming deepening of credit threats triggered a massive selloff in overheated commodity markets yesterday, as the Reuters/Jefferies CRB Index, the global benchmark for measuring commodities, slumped 4.6 per cent – the biggest one-day percentage loss in the index's 50-year history.

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