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Commentary for 7/13/2018

Altavest Commentary for 07/13/2018

The China June trade balance was a wider surplus than expected, while loan growth was mixed. Asian markets settled mostly higher. The Nikkei 225 surged +1.85% while the Shanghai Composite eased -0.22%.
President Trump and Prime Minister May announced plans to pursue a trade deal between the U.S. and the UK following Brexit. European equities ended the week with modest gains. The DAX rose +0.38%. Yields on 10-yr. Bunds slid further, closing at 0.283%.
June Import Prices surprised, falling-0.4% while Export Prices came in as expected, up +0.3%. July preliminary Consumer Sentiment eased to 97.1. Baker-Hughes reported that the U.S. oil rig count was unchanged at 863.
Yields on 10-Year Notes eased to 2.829%. The US$ Index was mostly flat. August gold lost another -0.4% to close at $1,241.20, its lowest close in almost a year. August crude bounced off recent lows to close up +1.0% at $71.01.
Equities opened flat on disappointing bank earnings, then began to move higher midmorning. For the rest of the day, markets traded in a narrow range on light volume. Except for strength in the DJIA, averages closed narrowly mixed.

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