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Commentary for 1/15/2021

Altavest Daily Comments 01.15.21

The Trump administration added Chinese smartphone maker Xiaomi to its expanding blacklist. Asian markets were mostly lower. The Nikkei 225 fell -0.62% and the Shanghai Composite edged up +0.01%.
Pfizer said EU vaccines will be delayed. European markets sank. The DAX lost -1.75%.
10-yr Bunds yield -0.541%.
Nov. Business Inventories were 0.5% vs. 0.4% consensus. Dec. PPI rose +0.3% (ex-food and energy +0.1%). For the 3rd consecutive month, Retail Sales fell, off -0.7% (ex-vehicles -1.4%), Industrial Prod. jumped +1.6%, and Capacity Utilization rose to 74.5%. The Jan. Empire State Mfg Survey slipped to 3.5 and preliminary Consumer Sentiment printed at 79.2 vs. consensus of 80.7. Baker-Hughes reported that the U.S. oil rig count for 01/09 at 360, up 9.
10-Year Notes yield 1.083%. The March US$ Index jumped +0.63% to 90.780. February gold slid -1.33% to $1,826.80. February crude lost -2.80% to $52.05.
Biden’s stimulus plan, along with quarterly earnings from major banks, turned out to have a “sell the news” tone. Early in the day, the major indices sold off and finished deeply red.

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