News Summary: FedEx outlook sends metals lower

AP News
Posted: Sep 18, 2012 4:27 PM
News Summary: FedEx outlook sends metals lower

BRAKING NEWS: Shipping company FedEx is a closely watched measure of the worldwide economy, because how much companies ship is an important clue about their overall health. On Tuesday, FedEx lowered its growth predictions for the fiscal year.

ON THE SKIDS: Prices for oil and for industrial metals like platinum and palladium fell. Investors were worried about a slowing economy, which means there's less need for the oil and industrial metals that power manufacturing, transportation and other aspects of industry.

MINING PEACE? Developments at South African platinum mines also helped push down the price of platinum. Miners have been striking for more than a month, but one company successfully brokered a deal with its workers on Tuesday.