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Commentary for 9/27/2016

Altavest Commentary for 09/27/2016

China August industrial profits rose the most in 3 years. Asian stocks were mostly higher. The Nikkei 225 rose +0.84% while the Shanghai Composite was up 0.59%.
European stocks finished modestly lower, led again by weakness in the banking sector. The DAX was down -0.31%. Yields on the 10-yr. Bund are again approaching record lows, closing today at
The July Case-Shiller 20-city Index was up +5.0% for the year, slightly below estimates. September Consumer Confidence was a surprisingly robust 104.1, the best reading since August 2007. Goldman Sachs reduced its forecast for Q4 oil prices to $43 from $50.
With no “deal” coming out of Algiers on production, oil fell steeply. At the close, it was down -2.7% to $44.67. Yields on the 10-Year Note also fell, now down to 1.558%. Meanwhile, the US$ Index was higher today, but is in the middle of a trading range between 95 and 96.. Gold gave back some recent gains, closing at $1330.40.
After beginning the day with a solid gain, equities hesitated, sinking back into the red. As pessimism waned, markets began to move higher, in many ways mirroring yesterday’s slide. At the close, markets were solidly higher.

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