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Commentary for 4/13/2018

Altavests Commentary for 04/13/2018

The China March trade balance surprised by falling into a deficit blamed on the Chinese New Year, and new yuan loans and aggregate financing rose less than expected. Asian markets settled mixed. The Nikkei 225 rose +0.55% while the Shanghai Composite fell -0.65%.
European equities were modestly higher. The DAX was up +0.22%. Yields on 10-yr. Bunds edged a bit higher to 0.515%.
The February JOLTS – Job Openings at 6.052M were slightly below expectations. Preliminary April Consumer Sentiment at 97.8 fell below the consensus range. Baker-Hughes reported that the U.S. Oil Rig Count rose again by 7 to 815.
Yields on 10-Year Notes edged down to 2.821%. The US$ Index was flat. June gold climbed +0.5% to $1347.90. May crude rose another +0.5% to $67.39.
The money-center banks reporting earnings this morning all beat top and bottom line expectations and equities got off to a strong start. The gains didn’t hold, and markets slipped into the red. For the next few hours, equities traded in a narrow range near unchanged. Bears tried to push markets lower late, but volume was light, markets steadied, and closed modestly lower.

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