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Commentary for 10/20/2017

Altavest Commentary for 10/20/2017

With elections scheduled over the weekend, Japan’s Nikkei 225 closed up for a record 14th straight session (barely), +0.04%. The Shanghai Composite added +0.28%.
ECB Governing Council member Nowotny said it would be dangerous to stop asset purchases abruptly and that the ECB would do so slowly. European equities were flat with the DAX up +0.01%. Yields on the 10-yr. Bund jumped up to 0.453%.
Existing Home Sales for September beat expectations at 5.39M. Baker-Hughes reported that the U.S. oil rig count fell again, dropping -7 to 738. The September Treasury Budget was +$8.0B. For 2017, the deficit finished at -$666B.
Yields on the 10-Year Note rose to 2.384%. The US$ Index was firmly higher. December gold went the other way, falling -0.7% to $1,280.50. November crude expired today +0.4% to $51.47. We will now track the December contract.
Markets responded positively to the Senate’s passage of a budget resolution which could pave the way for President Trump’s tax cuts. Equities opened strong and added to gains as the day progressed, although volume remains light. At the close, markets were moderately higher.

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