Stocks post fifth positive week in a row

The Big Number
The exchange rate of the Chinese Yuan against the U.S. dollar as set by the People’s Bank of China (PBOC).

What this means
The PBOC allowed the Chinese Yuan to strengthen past the psychologically significant level of 7.0 to the dollar in a gesture of goodwill towards the U.S. With President Trump needing a victory heading into an election year, markets are generally assuming some sort of trade agreement.

Market Notes
Trade was again at the center of the market’s price action, with conflicting reports about a tariff rollback in exchange for a Phase One deal with China. Generally strong global economic data suggests that the Federal Reserve will hold off for now on further cuts to the Fed Funds rate.

The Markets’ Reaction
Stocks continued to rise as corporate earnings came in mostly better than expected, with the S&P 500 ending the week at a record high close. Value equities (SVX) led growth (SGX), and bond yields jumped dramatically.

What to Watch
U.S. Consumer Price Index data is out on Wednesday and Retail Sales data on Friday. China reports Industrial Production and Retail Sales on Thursday. Third quarter Gross Domestic Product for Europe is out on Wednesday.

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