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Commentary for 8/16/2018

Altavest Commentary for 08/16/2018

China July direct investment rose at the fastest pace in 8 months. The Japan July trade deficit was wider than expected. Asian markets settled lower. The Nikkei 225 was barely lower, down -0.05% while the Shanghai Composite lost -0.63%.
The prospect of improving trade overrode worries about Turkey. European equities closed higher. The DAX was up +0.61%. Yields on 10-yr. Bunds rose slightly to 0.315%.
Initial Claims for the week of 08/10 were 212K. July Housing Starts were 1.168M, below expectations and following a downward revision for June, and Building Permits were 1.311M. The August Philadelphia Fed Business Outlook Survey slumped to 11.9.
Yields on 10-Year Notes moved up to 2.871%. The US$ Index was lower. December gold recovered to close down less than -0.1% at $1184.00. September crude bounced back, rising +0.7% to $65.46.
The hope of improved trade relations moved markets higher. Blowout earnings from Walmart then kicked buying into high gear. Volume was much lighter in today’s rally than in yesterday’s fall. After trading sideways through the afternoon, late tech weakness left averages modestly higher.

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