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Commentary for 7/18/2019

Altavest Commentary for 07/18/2019

Japan’s June exports fell more than expected. Trade concerns have become elevated again. Asian shares closed lower. The Nikkei 225 lost -1.97% and the Shanghai Composite fell -1.04%.
On global trade, the Wall Street Journal reported that the U.S. and China are at an impasse over restrictions on China’s Huawei. Coupled with mixed earnings, European equities closed lower. The DAX lost -0.92%. Yields on 10-yr. Bunds fell back to -0.310%.
Initial Claims for 07/12 were a benign 216K. June Leading Indicators surprised with a drop of -0.3%. The July Philadelphia Fed Business Outlook Survey was strong, jumping to 21.8.
Yields on 10-Year Notes eased back to 2.029%. The September US$ fell -0.405 to 96.450. August gold moved up 0.3% to $1,428.10. August crude fell again, losing -2.6% to $55.30.
Selling pressure from yesterday continued through the open. Buyers stepped in to stem losses for awhile, but selling pressure resumed as markets sank well into the red. Markets were recovering when New York Fed President Williams added to dovish expectations. Despite 3 days of selling, major averages are still just below all-time highs and today they closed mostly higher.

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