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Commentary for 9/21/2017

Altavest Commentary for 09/21/2017

For the 1st time since 1999, S&P Global Ratings lowered the ratings on China’s sovereign credit based on strong credit growth. Asian markets settled mostly lower. The Nikkei 225 was up +0.18%, but the Shanghai Composite fell -0.23%.
European equities were mixed. The DAX moved up +0.25%. Yields on the 10-yr. Bund reversed yesterday’s losses, climbing to 0.453%.
Initial Claims for the week of 09/18 were surprisingly low at 259K. The September Philadelphia Fed was strong at 23.8. The July FHFA House Price Index rose +0.2%, below expectations. August Leading Indicators beat expectations, rising +0.4%.
Yields on the 10-Year Note rose slightly to 2.280%. The US$ Index gave back a portion of yesterday’s gains. December gold sank to its lowest level in almost a month, falling -1.6% to $1,294.80. November crude (October has expired) was off -0.3% to $50.55 ahead of a key producers meeting tomorrow.
After a steady open, equities quickly sank well into the red, but just as quickly stabilized and recovered back near unchanged. Technology shares, led by Apple, were weakest. Following a late sell-off, markets closed modestly lower.

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