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Commentary for 4/16/2021

Altavest Daily Comments 04.16.21

China’s Q1 GDP jumped +18.3% (slightly less than expected). Their March retail sales were up +34.2% (more than expected) and industrial production climbed +14.1% (less than expected). Asian markets were higher. The Nikkei 225 was up +0.14% and the Shanghai Composite rose +0.81%.
European markets found a lot of support. The DAX index added +1.34%. 10-year bunds now yield
-0.265%.
March Housing Starts at 1.739M and Building Permits at 1.766M were strong and above expectations. Preliminary April Consumer Sentiment printed at 86.5 vs 89.0 consensus. Baker-Hughes reported that the U.S. oil rig count for 04/10 is up by 7, at 439.
The yield on 10-year Notes is 1.597%. The June US$ Index slid -0.10% to 91.530. June crude oil lost
-0.54% to $63.17. June gold jumped +0.51% to $1,775.90. Bitcoin and Coinbase sold off, partly due to Turkey banning cryptocurrency payments.
Morgan Stanley posted better than expected Q1 results, but also revealed a $900M loss related to Archegos Capital.
The ES once again closed at an ATH, as did the YM and NQ. However, smaller cap shares didn’t go along for the ride, with the RTY lagging.

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