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Commentary for 9/18/2019

Altavest Commentary for 09/18/2019

With the Fed’s rate decision ahead as well as further developments in the aftermath of Saturday’s attack in Saudi Arabia, Asian markets were quietly mixed. The Nikkei 225 was off -0.18% while the Shanghai Composite rose +0.25%.
EC President Juncker said that Britain’s ideas on the “Irish backstop” problem were falling short. European markets closed modestly higher. The DAX rose +0.14%. Yields on 10-yr. Bunds fell back to -512%.
August Housing Starts at 1.364M and Building Permits at 1.419M were both well above expectations. Last night’s API report showed a surprise build in crude inventories for 09/13 of +600K barrels and this morning’s EIA report showed a build of 800K barrels. The Fed lowered its key lending rate by 25-basis points.
Yields on 10-Year Notes eased to 1.791%. The December US$ Index fell -0.040 to 98.135. December gold (ahead of the Fed) rose +0.2% to $1,515.80. October crude fell -2.1% to $58.11.
A downward bias was evident before the Fed, but volume was very light. While the initial Fed response was negative, on further reflection markets decided they liked what they saw and erased steeper losses to close essentially flat.

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