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Commentary for 1/18/2018

Altavest Commentary for 01/18/2018

China December new home prices rose in 57 of 70 cities, up from 50 in November, and industrial production was stronger than expected, as was Q4 GDP. Asian markets settled mixed. The Nikkei 225 fell -0.44% while the Shanghai Composite jumped +0.91%.
European equities finished the day mostly higher. The DAX added +0.74% Yields on 10-yr. Bunds edged higher again to 0.569%.
Initial Claim for the week of 1/12 fell to 220K, a 45-year low. December Housing Starts slipped to 1.19M but Building Permits leaped to 1.30M. The January Philly Fed was weaker than expected at 22.2. The API reported a draw in crude inventories of -5.1M barrels and this morning’s official EIA report showed an even larger draw of -6.9M barrels, along with an increase of +3.9M barrels in distillates stocks.
Yields on 10-Year Notes keep rising, now at 2.620%. The US$ Index was flat. February gold fell -0.9% to $1,327.20. February crude closed flat at $63.95.
After a steady open, weakness in large cap tech led the market lower, but a reversal in that same segment brought markets back. By the close, markets were narrowly lower.

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