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Commentary for 12/8/2017

Altavest Commentary for 12/08/2017

The China November trade surplus widened more than expected on rising exports and imports. Asian markets were higher. The Nikkei 225 was up +1.39% and the Shanghai Composite rose 0.55%.
The German October trade surplus was narrower than expected. The EU and the UK announced they had reached a tentative agreement on the 1st phase of Brexit talks. European equities were higher. The DAX was up +0.83%. Yields on 10-yr. Bunds rose to 0.309%.
November Nonfarm Payrolls were up +228K, the Unemployment Rate was 4.1%, the Average Hourly Workweek was 34.5 hours, Average Hourly Earning rose +0.2%, and the Workforce Participation Rate was 62.7%. October Wholesale Trade fell -0.5% and the preliminary December Consumer Sentiment fell to 96.8. Baker-Hughes said that the U.S. oil rig count was up 2 to 751.
Yields on 10-Year Notes rose to 2.378%. The US$ index was firm. February gold fell -0.4% to $1,248.400. January crude added +1.2% to $57.36.
Government funding has been extended 2 weeks. Equities opened with strong gains, then traded sideways through most of the session. At the close, markets were moderately higher.

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