Hong Kong Protests: Wealth Economic Update November 8, 2019

U.S. and World News

  • china-139085922_370On Monday, a 22-year-old Hong Kong student died after falling from a ledge of a car park during a police mission to clear an area during protests, sparking a new round of outrage against Beijing police. Reports say that the 22-year-old was trying to escape tear gas, however the exact reason for his fall are unclear. Additionally, a pro-Beijing lawmaker was stabbed in the street this week by someone impersonating a supporter. As of right now, police say that they were using tear gas to clear an area of protesters and deny any wrongdoing, but the death is creating outrage and a call for investigation by students at the city’s University of Science and Technology. Protests have become increasingly violent as Hong Kong continues to fight for Democracy with Chinese police, even after the controversial extradition bill was withdrawn in September.


  • Markets rose higher again this week. The S&P 500 gained 0.93% and closed at 3,093, an ALL TIME HIGH. The Dow Jones rose 1.37% and closed at 27,681. Year-to-date, the S&P is up 25.36% and the Dow Jones is up 20.98%.
  • Yields spiked this week amid China trade optimism. The 5 year and 10 year U.S. Treasury Notes are yielding 1.75% and 1.94%, respectively.
  • The spot price of WTI Crude rose this week. Prices rose 2.14% and closed at $57.40 per barrel. Year to date, Oil prices are up 26.40%.
  • The spot price of Gold fell by 3.68% and closed at $1,458.15 per ounce. Year to date, Gold prices are up 13.70%.

Economic Data

  • Initial jobless claims fell by 8,000 to 211,000 and the four-week moving average remained unchanged at 215,000. Claims rose by 2,000 in Illinois and fell by 3,000 in Michigan.
  • Factory orders fell by 0.6% versus expectations for a decline of 0.5%
  • The ISM non-manufacturing index rose by 2.1 points to 54.7 versus expectations for a reading of 53.5
  • The University of Michigan’s index of consumer sentiment rose by 0.2 points to 95.7 versus expectations for a reading of 95.5
  • Wholesale inventories fell by 0.4% versus expectations for a decline of 0.3%

Fact of the Week

37% of 2,003 Americans surveyed in the 1st quarter 2019 had less than $5,000 accumulated in pre-tax retirement accounts (source: Northwestern Mutual Planning & Progress Study).Please contact a member of the Wealth Management Department if you have any questions about this information.

Rich Gartelmann, CFP® – (630) 844-5730 –  rgartelmann@oldsecond.com
Steve Meves, CFA® – (630) 801-2217 – smeves@oldsecond.com
Brad Johnson, CFA®, CFP® – (630) 906-5545 bjohnson@oldsecond.com
Mike Cava, CFA®, CFP® – (630) 281-4522 mcava@oldsecond.com
Mike Demski – (630) 966-2430 mdemski@oldsecond.com
Jacqueline Runnberg, CFP® – (630) 966-2462 jrunnberg@oldsecond.com

Visit Old Second Wealth Management

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