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Commentary for 8/17/2018

Altavest Commentary for 08/17/2018

President Trump urged China to offer more when trade talks resume later this month. Asian markets settled mixed. The Nikkei 225 rallied +0.35%. The Shanghai Composite fell again, down -1.33%.
The Eurozone June current account balance fell to the smallest surplus in 14-months. European equities finished mostly lower as Turkey fears persisted. The DAX fell -0.22%. Yields on 10-yr. Bunds slipped further to 0.305%.
July Leading Indicators were strong at +0.6%. Preliminary Consumer Sentiment fell below expectations to 95.3. Baker-Hughes reported that the U.S. oil rig count was unchanged at 869.
Yields on 10-Year Notes eased to 2.866%. The US$ Index fell back. December gold added $0.20 to close at $1184.20. September crude climbed back another +0.7% to $65.91.
After a soft open in New York, equities stumbled before finding a floor and slowly moving higher. Late in the session, reports were that President Trump and President Xi will meet in November to resolve the ongoing trade dispute. Markets jumped higher on the report. While finishing well off the highs, averages still managed modest gains for the day.

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