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Commentary for 11/16/2018

Altavest Commentary for 11/16/2018

Asian markets settled mixed. The Nikkei 225 lost -0.57%. There was speculation that China’s government will be turning to more pre-growth policies. The Shanghai Composite was at a 5-week high, up +0.41%.
Eurozone October CPI was not revised. European equities ended modestly lower. The DAX lost -0.11%. Yields on 10-yr. Bunds rebounded to close at 0.373%.
October Industrial Production dipped to +0.1% but Capacity Utilization rose to 78.4%. Baker-Hughes reported that the U.S. oil rig count rose again, +2 to 888.
Yields on 10-Year Notes slumped to 3.074%. The US$ Index was lower. December gold responded by adding +0.7% to $1,223.00. December Crude was unchanged at $56.46.
Weak tech earnings had markets under pressure as the day began, but hopes for improvement in trade relations with China helped limit losses. When President Trump said that additional tariffs might not be necessary, markets reacted positively, with the DJIA and the S&P 500 moving smartly higher. Markets gave back most of the trade inspired gains, then traded sideways, but closed mostly higher.

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