Financial News and Portfolio Management Discussion through October 12th

Stocks jumped to end the week on positive trade developments.  The S&P 500 rose 0.7% and the Dow gained 0.9% for the week.  Abroad, the FTSE All-World Ex-US climbed 2.0% for the week. The 10-year Treasury yield finished the week at 1.75%, well up from 1.52% at the end of the previous week, as investors felt more optimistic about the economy.

Trump announced the US and China had reached a “Phase One deal” on trade.  The US will not implement tariffs set to go into effect next week and China will increase its purchases of US agricultural goods.

Eurozone investors’ confidence fell to a six-year low.

The US moved to add 28 Chinese entities to an export backlist due to their treatment of minority groups.  The move was seen as cooling the chances of any potential trade progress.

In the Fed’s minutes from their September meeting officials became increasingly concerned that slowing global growth could more significantly slow US hiring and economic activity.  They cited muted inflation, trade policy uncertainty and weak global growth for support on cutting their benchmark interest rate at the meeting.

The US CPI was flat in September.

US consumer sentiment rose in early October.


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