Daily Market Commentary

January 8, 2019

Bonds
JP Morgan Treasury Client Survey finds longs among all clients dropped 12ppts to lowest level since Sept. 10, while shorts gained 4ppts and neutrals rose 8ppts to highest level since September 2017.

Economy
Stocks surged Tuesday after the administration said there was progress coming out of its two day mid-level trade talks with China. The dollar rose with Treasury yields, and crude climbed on expectations the market will be tightened by OPEC's output cuts.

Global
A dramatic plunge in German industrial activity late last year raised the risk that Europe's largest economy will slip into recession. Production fell for a third month in November and posted its worst year-on-year drop since the end of the financial crisis, with weakness in everything from consumer goods to energy.

The information represented herein was obtained from various sources, which we believe to be reliable. Neither the information presented nor opinions expressed constitutes an offer to buy or sell any security. And it is not intended to guide the investor on which securities to buy or sell.

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