Richard's Thoughts on Third Phases
World stock prices were mostly higher in Asia, following yesterday’s gangbuster gains in the US. Then news of Mike Flynn being charged by the feds and feeding them information on the Trump administration took a lot of air out of the party balloons. A “little bump in the road” for passing a tax reform bill didn’t help either, as European and then US shares headed south.
Asian stocks ended the day with moderate gains, except for the Hang Seng, down 0.4%. The STOXX 600 fell 0.7%, mostly on US political worries. The dollar index lost 0.2% for much the same reason.
Fixed income assets benefited from the day’s concerns, sending prices higher and yields lower. The 10-year T-note dropped to a yield of 2.362%.
Precious metals rallied over the increased US political concerns, as did crude oil. Gold sold off somewhat into the close, but still went home with a $5 gain. Platinum lost ... Log in or subscribe to continue reading.
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