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Commentary for 6/15/2018

Altavest Commentary for 06/15/2018

The Bank of Japan left its interest rates and QE policies unchanged as expected. Asian markets settled mixed. The Nikkei 225 rose +0.50% while the Shanghai Composite lost -0.70% ahead of an expected announcement on tariffs by the Trump administration.
European equities were mostly lower as trade war fears escalated The DAX lost -0.74%. Yields on 10-yr. Bunds pulled back to 0.404%.
May Industrial Production was weak, falling -0.1% and Capacity Utilization slipped to 77.9%. The June Empire State Manufacturing Survey was stronger than expected at 25.0. Preliminary June Consumer Sentiment beat expectations, rising to 99.3. Baker-Hughes reported that the U.S. oil rig count was up 1 to 863.
Yields on 10-Year Notes edged down to 2.928%. The US$ Index was flat. August gold tumbled -2.3% to $1,278.50. July crude was also sharply lower, down -2.7% to $65.06.
Equities began the day in the red following the placement by the U.S. of tariffs on Chinese goods and China’s instant retaliation. By mid-afternoon, markets had calmed and most of the losses had dissipated. When bulls couldn’t push through, averages sagged but closed only modestly lower.

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