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Commentary for 8/23/2016

Altavest Commentary for 08/23/2016

Japan August Nikkei manufacturing PMI rose to 49.6 (still indicating contraction) which was the highest level in 6 months. Asian markets were mostly higher. The Nikkei 225 fell -0.61% while the Shanghai Composite was up +0.19%.
Eurozone August composite PMI rose unexpectedly to 53.3 and the highest level in 7 months. European equities were mostly higher with the DAX up +0.94%. Yields on the 10-yr. Bund rose early, but retreated later in the day to -0.089%.
July New Home Sales jumped to 654K, well above expectations, to the highest level since July 2007. Oil began the day weaker, pressured by doubts that producers can reduce or even cap production. In mid-morning, Reuters reported that Iran was open to participating in an agreement. Oil immediately reversed field and traded higher for the rest of the day. It closed up +1.5% at $48.10. Meanwhile, yields on the 10-Year Note and the US$ Index were flat. Gold was up slightly at $1,346.10.
After a solid open, equities ran up to test previous highs. The rally stalled and markets began to slowly drift, ceding a large part of the day’s gains. At the close, markets still maintained modest gains.

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