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Commentary for 10/19/2018

Altavest Commentary for 10/19/2018

China Q3 GDP rose less than expected. China September retail sales were strong, but industrial production was weak. Asian markets settled mixed The Nikkei 225 slipped -0.56%. The Shanghai Composite initially fell again, but recovered late on signs of state intervention, ending the session up +2.58%.
Tensions between the EU and Italy over the Italian budget continue to simmer. European equities were mostly lower. The DAX dropped -0.31%. Yields on 10-yr. Bunds managed to close higher at 0.434%.
September Existing Home Sales missed expectations, falling to 5.150M. Baker-Hughes reported that the U.S. oil rig count rose by 4 to 873, a multi-year high.
Yields on 10-Year Notes rose to 3.196%. The US$ Index fell back slightly. December gold gave up -0.1% to $1,229.10. November Crude added +0.7% to close at $69.12.
A bounce in China and possibly easing tension between the EU and Italy provided a solid backdrop as equities opened in the U.S. Early on, averages erased a big portion of yesterday’s losses, but afternoon trade was choppy. At the close, markets were mostly lower.

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