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Commentary for 6/19/2018

Altavest Commentary for 06/18/2018

There was another ratcheting up of trade tensions as President Trump asked for a plan for 10% tariffs on an additional $200B of imports from China. Asian markets were broadly lower. The Nikkei 225 fell -1.77% while the Shanghai Composite tumbled to a 2 year low, down -3.82%.
ECB President Draghi said, “we will remain patient in determining the timing of the first rate increase…” European equities finished lower. The DAX fell -1.22%. Yields on 10-yr. Bunds fell to 0.373%.
May Housing Starts at 1.350M were above expectations and an 11 year high, but May Building Permits at 1.301M disappointed.
Yields on 10-Year Notes slipped to 2.888%. The US$ Index is just below its high for the year. August gold lost -0.1% to $1,278.60. July crude lost -1.2% to $65.07.
President Trump’s trade rhetoric weighed heavily on markets overnight. Opening with steep losses, equities wavered but held and eventually began to work back from the lows. Multiple attempts to push averages lower were met with buying. The small-cap Russell 2000 closed to within a whisker of the all-time high set yesterday. Markets again finished with only moderate losses.

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