Author

Jeff Klearman

Jeff Klearman

Jeff Klearman is a Portfolio Manager for GraniteShares. He has more than 20 years of experience in the finance industry, including senior roles at Deutsche Bank and Rich Investment Solutions.

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Commentary,

Commodities and Precious Metals Update (Week ending October 25, 2019)

Buoyed by increased optimism of a U.S.-China trade agreement, overall better-than-expected U.S. earnings reports and continued expectations of U.S. Federal Reserve Bank easing, the S&P 500 Index, increased 1.2% to 3022.55, just shy of its record in late July of 3025.86. The U.S. dollar strengthened over the week, despite U.S. Federal Reserve Bank easing expectations, on the back of weak economic reports from the EU and China. At week’s end the U.S. dollar (as measured by the DXY index) strengthened 0.6% and 10-year U.S Treasury rates increased 4.5bps to 1.0%

Commentary,

Commodities and Precious Metals Update (Week ending October 18, 2019)

Stronger-than-expected U.S. earnings reports overcame a weaker-than-expected retail sales report and reduced expectations of a U.S-China “partial” trade agreement last week. The S&P 500 Index, lower on Monday after China announced it wanted more talks before signing any trade agreement, rallied through Thursday on the back of stronger-than-expected U.S. earnings reports despite weaker-than-expected retail sales numbers released on Wednesday. U.S. stock markets lost some ground on Friday after weaker-than-expected Chinese economic data and a couple of “missed” U.S. earnings reports. At week’s end the S&P 500 index was up 0.5% at 2986.20, 10-year U.S. Treasury rates were up 2.5bps at 1.75% and the dollar weakened 1.0 % as measured by the DXY index.

Commentary,

Commodities and Precious Metals Update (Week ending October 11, 2019)

Concerns of weak U.S. economic growth spurred by the previous week’s weaker-than-expected ISM manufacturing report and exacerbated by growing concerns of increased trade frictions between the U.S. and China pushed U.S. stock markets lower and strengthened the U.S. dollar early last week. The release of FOMC minutes on Wednesday, comments from various Fed officials reaffirming the U.S. Federal Reserve Bank would continue to act to maintain the expansion and the Fed’s announcement it would increase its balance sheet by buying short-term Treasuries helped move U.S. stock markets off their intra-week lows through the remainder of the week. Reports on Thursday that President Trump would meet with Vice Premier Liu on Friday and the announcement that a partial trade agreement had been reached with China on Friday, pushed U.S. stock markets and U.S. Treasury rates higher and weakened the U.S. dollar.

Commentary,

Commodities and Precious Metals Update (Week ending October 4, 2019)

A bevy of weak U.S. economic reports on Tuesday and Wednesday, including a very weak ISM manufacturing index release on Tuesday and extremely disappointing auto sales numbers on Wednesday, drove U.S. stock markets, U.S. Treasury rates and the U.S. dollar lower last week. Concerns of a slowing U.S. economy increased Thursday after the release of a weaker-than-expected ISM non-manufacturing index number, a weaker-than-expected ADP private payroll report as well as by a mediocre employment report on Friday. Despite Thursday’s and Friday’s reports, U.S. stock markets rebounded off their lows with increasing market expectations of more U.S. Federal Reserve Bank rate reductions . The S&P 500 Index, down more 2.5% through Wednesday, finished the week only 0.3% lower at 2,952.01. 10-year U.S. Treasury rates fell 15bps over the week to 1.53% and the U.S. dollar (as measured by the DXY index) weakened 0.3% over the week.