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Commentary for 12/3/2020

Altavest Daily Comments 12.03.20

The China Caixin/Markit PMI rose in November to a strong 57.8. Asian markets were mixed. The Nikkei 225 crept up +0.03% while the Shanghai Composite slipped -0.21%.
European markets were mixed. The DAX slipped -0.45%. 10-yr Bunds yield -0.557%.
Initial Claims for 11/27 eased by 75k to 712K. November Challenger announced Job Cuts were 64,797, still a relatively high number. The final PMI Composite was 58.6 vs consensus of 57.9. The ISM Services Index printed at 58.4 compared to estimates of 57.7.
10-Year Note yields dipped to 0.911%. The Dec. US$ Index sank again, off -0.44% to 90.710. Feb. gold was up +0.49% to $1,844.60. Jan. crude gained +0.55% to $45.54.
Even against the backdrop of record covid-19 deaths in the U.S. (the CDC says the worst is yet to come) and escalating lockdown measures, the ES and NQ hit fresh ATH’s again, and the YM breached 30,000. Investors may be anticipating further fiscal stimulus and a 2021 economy that has the wind at its back due to effective covid-19 vaccines. Late in the day Pfizer cut its vaccine rollout target by half, and the ES immediately plunged 25 points, closing marginally weaker on the day.

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