U.S. Equity Markets surged and Treasuries tumbled after a raft of data bolstered confidence in the American economy and trade tensions eased. The US Dollar edged lower while precious metals were also hit hard. The S&P 500 jumped to a five-week high, led by Tech shares, after China and the U.S. agreed to trade talks early next month. Banks rallied as yields on two-year notes jumped as much as 14 basis points, which would have been the largest full-day increase in a decade, before inching back. Defensive sectors retreated as strong private payrolls data and a hot reading on the services sector tamped down recession angst. The US Dollar pared early losses, but still headed for its third decline in a row. The Pound padded Wednesday’s surge after the U.K. Parliament blocked a no-deal Brexit and an early election. West Texas crude fell to around $56 a barrel. In other news British Prime Minister Boris Johnson stood in a police academy in the north of England, giving a speech that was supposed to mark the start of a month long snap election campaign. Instead, the U.K.’s embattled leader was trying to fight back after a series of humiliating defeats for his Brexit strategy, culminating in the resignation of his own brother in protest at his plans. Out of options, Johnson doubled down on his plan to trigger a general election to win a parliamentary majority so he can fulfill his pledge to take the U.K. out of the European Union — with or without a divorce deal — on Oct. 31. The Prime Minister didn’t say if he’d resign if he failed, but he did declare that he would “rather be dead in a ditch” than agree to another Brexit delay.
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For anyone following my Platinum Service it was flat yesterday and is still ahead by 385 points for September, having made 2387 points in August, 1153 points in July, 1346 points in June,1722 points in May, 955 points in April and 1027 points in March. Since I started this New Platinum Service in June 2015 it has averaged a monthly gain of over 1600 points
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