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Looking for deeper insight on markets?  In tonight’s Closer sent to Bespoke Institutional clients, we note some recent outperformance from market laggards but much weaker price action in the term structure of the oil market. We also discuss credit spreads and their relevance to banks’ performance versus the S&P 500. We then move on to US economic data: factory orders, sales, and inventories as well as the US trade balance. Speaking of which, we close with a look at the impact of tariffs on bilateral US-China trade activity. Bottom line: it’s not going well.

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