RIGOR

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Markets Today 

Chinese stocks slipped lower once again with CHINEXT (China’s tech/small cap index) tumbling the most to its lowest since August 2014.chinese stocks.jpg

The dollar sold off in the overnight session, which had set the greenback for its worst week since February. The BBGDXY Dollar Index has surged and was trading near session highs following today’s mixed economic data.(Source: Heisenberg Report) 

Adjusted Retail & Food Services Sales SA Total Monthly % Change

Adjusted Retail Sales Less Autos SA Monthly % Change

Adjusted Retail Sales Less Autos SA Monthly % Change

The dollar strength has led to some equity weakness, with both the S&P and the DJIA now trading just barely in the red, as the Nasdaq remains the only index to have gains for the day.esz.jpg

European Stocks rallied though led by Italy and Spain. eurostocks.jpg

Finally, the other notable move in the morning session has been 10Y Yields, which peaked above 3.00% briefly, before dipping just under the key level which many have been keeping a close eye on to determine future trends in the very much rangebound 10Y Treasury.gunluch.jpg


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(Source: BofAML)


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Screen Shot 2018-09-14 at 11.18.41 AM.png                                                          (Source: BofAML) 


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The ECB emphasizes confidence in the outlook for the European economy. Recent data flow has been disappointing. Consumption is sub-par. External traction remains unimpressive and not likely to change in the near-term. Uncertainty driven by domestic politics has increased and the trade war keeps everyone cautious. The capex recovery is being capped. All of this starts to be a little much when it comes to a contrarian view that Europe is slowing.

 

-R.W.N II

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