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Commentary for 10/18/2018

Altavest Commentary for 10/18/2018

The Japan September trade balance was a larger surplus than expected. China’s yuan dropped to a nearly 2-year low. Asian markets settled mostly lower The Nikkei 225 fell -0.80%. The Shanghai Composite was rocked by forced selling due to margin calls, falling -2.94% to lows not seen in over 4 years.
ECB Governing Council member Rehn predicted the ECB would being raising rates in Q4 of 2019. European equities were nervous about Italy again. The DAX fell -1.07%. Yields on 10-yr. Bunds fell hard to 0.422%.
Initial Claims for the week of 10/12 were 210K. September Leading Indicators came in +0.5% as expected. The October Philadelphia Fed Business Outlook Survey was a strong 22.2.
Yields on 10-Year Notes fell back to 3.177%. The US$ Index was slightly lower. December gold moved up +0.2% to $1,230.10. November Crude lost another -1.6% to close at $68.65.
A sharp selloff in China overnight got U.S. markets off to a weak start. Buyers tried to stem the tide, but were eventually overwhelmed as stocks suffered another day of steep losses. Averages came off their lows late in the session, but still finished broadly lower.

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