Asian market were lower. The yield on Japanese 10-yr. Bonds dipped below 0%. The Nikkei 225 fell -5.40%. The Shanghai Composite is still closed for the Lunar New Year.
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German December industrial production fell unexpectedly. Yields on the 10-yr. Bund rose to 0.239%. European equities recovered from the lows, but the DAX still closed down -1.11%.
December Wholesale Inventories slipped -0.1%, slightly worse than expectations. November was revised lower. This was the 3rd straight month of declines.
Yields on the 10-Year Note were mostly steady at 1.73% but the US$ experienced another steep decline. It still above the August and October lows. Gold was unable to add to its recent rally and closed at $1,198.60. Oil turned an early rally into another down day, closing down -5.9% at $27.94, below its previous closing low.
Today’s session was marked by multiple swings between highs and lows. Concerns over crude prices and European bank profits provided significant negative impetus. Late in the day, equities turned positive, climbing well into the black before stumbling again as Anadarko Petroleum announced a dividend cut. At the close, markets were narrowly lower.