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Commentary for 10/18/2019

Altavest Commentary for 10/18/2019

China Q3 GDP came in at +6.0%, slightly below consensus expectations and the weakest pace of growth in more than 26 years. Asian markets were mostly lower. The Nikkei 225 managed to rise +0.18% but the Shanghai Composite tumbled -1.32%.
The U.S. will impose tariffs authorized by the WTO on $7.5B in goods today. European markets were mostly lower, waiting on a Brexit resolution. The DAX fell -0.17%. Yields on 10-yr. Bunds rose to -0.387%.
September Leading Indicators were below expectations at -0.1% and that followed a downward revision for August. Baker-Hughes reported that the U.S. oil rig count for 10/11 rose by 1 to 713,
Yields on 10-Year Notes edged down to 1.750%. The December US$ Index fell -0.325 to 97.01. December gold was off -0.3% to $1,494.10. November crude slipped -0.3% to $53.78.
Equities had a quiet open then slid into negative territory. Selling pressure intensified and averages sank through support before steadying at midday. While there were some specific DJIA stocks with issues, other averages began to moderate. At the close, markets were moderately lower.

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