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Commentary for 8/13/2020

Daily Comments 08.13.20

In a bid to contain financial risks, China’s banks are expected to write off almost $500B in bad loans this year. Asian markets were mixed. The Nikkei 225 jumped +1.78% while the Shanghai Composite edged up +0.04%.
European markets declined. The DAX was off -0.50%. 10-year Bunds yield -0.409%.
Initial Claims for 08/07, while still high, were better than expected at 963K, falling below 1M for the 1st time in 21 weeks. Continuing jobless claims declined for the 2nd week in a row. July Import Prices rose +0.7% and Export Prices rose +0.8%.
10-Year Notes yield 0.717%. The Sep. US$ Index fell -0.16% to 93.255. Dec. gold was up +0.72% to $1,962.60. Sep. crude lost -0.75% to $42.35.
President Trump announced that his administration brokered a normalization of ties (peace agreement) between Israel and the UAE.
Meanwhile, Congress remains locked in a battle over additional fiscal stimulus measures.
After touching a 6-month high yesterday, the ES made another run at it today, but fell just a fraction short. In light volume, and being a light news day, prices moved in rollercoaster fashion, on both sides of unchanged. By the close, the bears had managed a small victory.

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