Financial News and Portfolio Management Discussion through November 17th

All the news you need to stay informed about what’s currently driving the market — courtesy of Raffa Wealth Management, LLC.

Stocks posted their first weekly loss of the month on weak earnings on concerns about growth.  The S&P 500 fell 1.6% and the Dow sank 2.2% for the week.  Abroad, Japan plunged 2.6% and Europe dropped 2.2% for the week.  The yield on the 10-year Treasury fell over the weak on concerns about future growth settling at 3.07%.  Oil continued its fall ending the week at $56.46 a barrel down 25% since early October.

The UK and EU were able to reach a draft deal to allow the UK’s exit from the Eurozone, but six high level members of the UK government resigned over the proposed agreement throwing Prime Minster May’s leadership and the draft agreement into question.

Talks between the US and China were reopened prior to a meeting between Trump and Chinese President Xi Jinping.

Inflation picked up in October with the CPI gaining 0.3% and 2.5% from a year earlier.

Recent data has shown the global economic growth has slowed.  GDP in Japan contracted 1.2% in the third quarter.  In Germany GDP contracted 0.8% in the third quarter for the first quarterly drop in three and a half years.  Consumer spending in China hit its lowest pace in five months.

Retail spending in the US rose 0.8% in October, well outpacing estimates.

US industrial output in October fell short of expectations.

SAP agreed to purchase Qualtrics International for $8 billion.

Amazon selected the New York City region and Northern Virginia as its two sites for its second headquarters.

There is no guarantee that any investment strategy, including those described here, will be successful. Any investment or investment strategy can lose money. Past performance does not guarantee or predict future results. You should not assume that any discussion or information contained in this newsletter serves as the receipt of, or as a substitute for, personalized investment advice from Raffa Wealth Management, LLC. This information was gathered from reliable sources but we cannot guarantee accuracy. Indexes do not reflect the fees associated with actual investments and such fees would reduce the performance illustrated.
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