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Commentary for 2/26/2020

Daily Comments for 02.26.20

Uncertainty around COVID-19 continues to roil markets worldwide. Asian markets were mixed. The Nikkei 225 fell -0.79% and the Shanghai Composite lost -0.83%.
European markets were also mixed. The FTSE bounced +0.35%, closing at 7,042.47, the DAX edged lower by -0.12% to end at 12,774.88, and the Stoxx 600 was -0.04% weaker, ending at 404.43. 10-yr. Bunds now yield -0.503%.
December New Home Sales were 764k, up +7.9% above the revised December number, posting the highest jump since July 2007. The median sales prices was 14% higher from a year earlier, to a record $348,200. The EIA reported that crude inventories for 02/21 grew by 500k bbls vs. expectations of a 2.8M gain.
Yields on 10-year Notes hit a record low, closing at 1.339%. The March US$ Index bounced +0.16% to 99.06. April gold sank again, by -$9.00 to $1,640.80. April crude plunged again, to $48.70.
Overnight, the ES was -40.00 points lower, then early in the regular session it was higher by as much as +50.00 points. By midmorning though, the ES had given back all gains and was trading in negative territory, then it rallied, then sold off, then rallied, etc., etc., to eventually close red.

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