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Commentary for 8/18/2017

Altavest Commentary for 08/18/2017

China July new home price rose in 56 of 70 cities tracked. A proposed plan by China’s National Development and Reform Commission further supported mainland equities. Asian markets were mostly lower with the Nikkei 225 sown -1.18%. The Shanghai Composite eked out a gain of +0.02%.
German July PPI was slightly ahead of expectations. European equities stumbled following yesterday’s U.S. selloff. The DAX fell -0.31%. Yields on the 10-yr. Bund traded lower to 0.413%.
Preliminary August Consumer Sentiment was well above expectations at 97.6, the best reading since January. Baker Hughes reported a surprise decline in U.S. oil rigs of 5 to 763.
Yields on the 10-Year Note were flat at 2.196%. The US$ Index was slightly lower. After breaking the $1300 mark early, December gold moderated, losing -0.1% to $1,291.60. September crude jumped +3.0% to $48.51.
Equities began the day with carryover selling, the DJIA losing another -100 points. Pressure abated and markets recovered, moving well into the black by mid-day. More selling returned in the afternoon and markets closed narrowly mixed.

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