DAILY MARKET UPDATE

November 19, 2019

Asian equity markets had a mixed day of trade Tuesday as Hong Kong rallied for the second day in a row following last week’s protest-induced losses while Japan came for sale. Shanghai also rallied, and within the SHCOMP the gains were broad-based. European bourses ended lower to edge into negative territory on Tuesday afternoon, amid uncertainty and pessimism over the outcome of trade talks between the U.S. and China. North American equity indices opened higher but fell back to end the session mixed, led by weakness in some of the retailing sector. Both Home Depot and Kohl’s were forced to cut their outlooks, and management indicated they were navigating a highly promotional environment heading into the holiday season. Rates moved lower at the long end of the U.S. Treasury curve, resulting in curve flattening. Oil prices settled down nearly $2/bbl on a fresh report that Russia has little interest in cutting output further next month when they meet with OPEC+ producers.