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Commentary for 5/20/2016

Altavest Commentary for 05/20/2016

At the meeting of G7 finance ministers, Japan promised not to devalue the yen. Asian stocks were mostly higher. The Nikkei 225 rose +0.54% and the Shanghai Composite was up +0.68%.
The G7 finance ministers also warned that a decision by the UK to leave the EU could roil international markets. ECB Governing Council member Makuch sees no further accommodation by the ECB until the measures already enacted have had time to impact the economy. European markets recovered all of yesterday’s losses and closed broadly higher. The DAX was up +1.23%. Yields on the 10-yr. Bund were unchanged at 0.173%.
April Existing Home Sales was a solid 5.45MM. Baker Hughes reported the oil rig count was unchanged at 318. That marked the 1st time in 8 weeks that the count didn’t decline.
Yields on the 10-Year Note (1.85%) were steady as was the US$ Index. Gold slipped again, and is now at $1,252.90. June crude, which expired today, settled down -0.9% at $47.75.
Equities began the day with modest gains, then traded steadily higher through the European close. Small-caps and technology issues led the way with the major indexes trailing somewhat. At the close, markets were modestly higher.

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