Market Talk – Friday, March 19

Day two of the US-China meeting in Alaska did not help to mend relations. Blinken began by stating that the US was deeply concerned that China was becoming a threat to the nation’s cybersecurity, and pointed to numerous human rights abuses that raised red flags. “The United States does not have the qualification to say that it wants to speak to China from a position of strength,” Minister Yang stated while reiterating that the US must stay out of China’s internal affairs. Based on the meeting, it seems as if part two of the original US-China trade deal will take an immense effort.

US Market Closings:

  • Dow declined 234.33 points or -0.71% to 32,627.97
  • S&P 500declined 2.36% or -0.06% to 3,913.1
  • Nasdaqadvanced 99.07 points or -.76% to 14,215.24
  • Russell 2000 advanced 19.96 points or 0.88% to 2,287.55

Canada Market Closings:

  • TSX Composite advanced 17.53 points or 0.09% to 18,854.00
  • TSX 60 declined -0.41 of a point or -0.04% to 1,124.15

Brazil Market Closing:

  • Bovespa advanced 1,386.15 points or 1.21% to 116,221.58

ENERGY:

The oil markets had a mixed day today:

  • Crude Oil increased 0.8 USD/BBL or 1.33% to 60.8000
  • Brent increased 0.74 USD/BBL or 1.17% to 64.0200
  • Natural gas increased 0.026 USD/MMBtu or 1.05% to 2.5070
  • Gasoline decreased 0.0107 USD/GAL or -0.55% to 1.9334
  • Heating oil increased 0.0202 USD/GAL or 1.13% to 1.8044
  • Top commodity gainers: Soybeans (1.83%), Corn (2.01%), Lumber (3.73%) and Coal (3.31%)
  • Top commodity losers: Palladium (-2.05%), Bitumen (-7.35%), Palm Oil (-2.08%), and Rubber (-2.96%)

The above data was collected around 12:28 EST on Friday.

BONDS:

Japan 0.12%(+1bp), US 2’s 0.14%(-0.020%), US 10’s 1.71%(-2bps); US 30’s 2.45%(-0.030%), Bunds -0.30% (+1bp), France -0.04% (-2bp), Italy 0.67% (-2bp), Turkey 13.62% (+5bp), Greece 0.92% (-4bp), Portugal 0.23% (-3bp); Spain 0.35% (-3bp) and UK Gilts 0.84% (-3bp).

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Disclosure: None.

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