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Commentary for 11/15/2019

Altavest Commentary for 11/15/2019

The Chinese Ministry of Commerce said that China and the U.S. were holding “deep” discussions on trade. Asian markets were mostly higher. The Nikkei 225 rose +0.70% but the Shanghai Composite slipped -0.64%.
October euro zone inflation slowed to +0.7% y/y. European equities closed higher. The DAX rose +0.47%. Yields on 10-yr. Bunds moved up to
September Business Inventories fell -0.2%. October Retail Sales were up +0.3% (ex-autos +0.2%), Import Prices fell -0.5%, Export Prices lost -0.1%, Industrial Production fell by -0.8% (more than expected), and Capacity Utilization slipped to 76.7%. The November Empire State Mfg Survey was soft at 2.9. Baker-Hughes reported that the U.S. oil rig count for 11/08 fell by 10 to 674, the 4th consecutive decline.
Yields on 10-Year Notes edged up to 1.834%. The December US$ Index slipped -0.15 to 97.87. December gold lost -0.3% to $1,468.50. December crude jumped +1.7% to $57.72.
Equites jumped on trade comments from Trade Adviser Kudlow and Commerce Secretary Ross. Markets focused on nothing but a trade deal expected to close soon, finishing broadly higher.

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