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    Trump's Iran Comments Drive Stocks Down, Oil And Gold Up

    June 20, 2019
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    An RQ-4A Global Hawk drone. Screenshot: YouTube

    Trump Comments Drive Markets

    "You'll soon find out" was enough to push the S&P 500 off of all-time highs today. President Trump's comments regarding retaliation to the Iranian downing of a highly advanced, $123 million US drone caused stocks, buoyed by yesterday's dovish Fed comments, to retrace by 2%. The market's assumption was that a counter-strike was imminent, but Trump later cast a shadow on this interpretation by suggesting the incident wasn't intentional.

    Regardless, oil prices surged on the news, up 5.5% to nearly $57/barrel, and gold was up nearly 2% to $1,386/ounce.

    Currencies and Yields

    Trading Thursday was dominated by expectations of a 50 basis point cut in the July FOMC meeting. Yields fell further, taking 10 year Treasuries just below 2%, the pool of global debt at negative yields reached a new high of $12.47 trillion. The USD was broadly sold, taking the US Dollar Index down to support at the 200 day moving average of 96.62.

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    CDM Staff

    The mission at Creative Destruction Media is to be the catalyst for the "process of industrial mutation that incessantly revolutionizes the economic structure from within, incessantly destroying the old one, incessantly creating a new one."
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