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Commentary for 5/23/2019

Altavest Commentary for 05/23/2019

U.S.-China trade worries were on the rise as global suppliers trimmed relations with Huawei. Asian markets were lower. The Nikkei 225 fell -0.62% and the Shanghai Composite lost -1.36%.
Reports have surfaced the British Prime Minister May will resign as early as Friday. European markets closed sharply lower. The DAX lost -1.78%. Yields on 10-yr. Bunds closed at -0.120%.
Initial Claims for the week of 05/17 were a benign 211K. April New Home Sales were light at 673K, although March was revised higher. The May PMI Composite FLASH came in well below expectations and even beneath the analysts’ range at 50.9 (manufacturing at 50.6 and services at 50.9).
Yields on 10-Year Notes fell to 2.312%, the lowest yield since late 2017. The June US$ Index fell back -0.155 to 97.725. June gold jumped +0.9% to $1,285.40. July crude collapsed, falling -5.7% to $57.91.
Another ratcheting up of rhetoric weighed on equities which opened sharply lower and sold off from there. Volume was only moderate. Averages bounced off the lows late in the session, but still finished broadly lower.

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