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Commentary for 3/16/2018

Altavest Commentary for 03/16/2018

Japan January industrial production was revised lower to its biggest decline in 6-3/4 years. With trade war concerns still on the front burner, Asian markets were mixed. The Nikkei 225 fell -0.58% while the Shanghai Composite lost -0.63%.
Eurozone February CPI was revised down to +1.1% y/y. European equities were mostly higher. The DAX was up +0.36%. Yields on 10-yr. Bunds edged down to 0.570%.
The January JOLTS – Job Openings were a record 6.312M. February Housing Starts (1.236M) and Building Permits (1.298M) were both below expectations. February Industrial Production (+1.1%) and Capacity Utilization (78.1%) both beat expectations. March preliminary Consumer Sentiment is strong at 102.0. Baker Hughes reported that the U.S. oil rig count was up by 4, and back at 800.
Yields on 10-Year Notes edged up to 2.844%. The US$ Index rose modestly April gold lost -0.4% to $1312.30. April crude jumped +1.9% to $62.34.
Today was a “quarterly witching” day, which, in past cycles, has provided plenty of excitement. Today, however, was not one of those days. Markets were mostly higher throughout most of the day, and closed narrowly mixed.

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