Early in the week, documents were finally published on the intention of Saudi Aramco to list shares on the Riyadh stock exchange. The possible valuation for the company seemed to fall as the week proceeded on from investment banks evaluating the information; ranges on the possible valuation came anywhere from $1.2 trillion to $1.8 trillion. Phase 1 of a trade deal appears to be getting closer to reality as economic adviser Larry Kudlow confirmed that agreements and concessions would be part of a first deal; President Trump reiterated, he is the only one who can make this decision which he has yet to do. On a historical note, November 9, 2019, marks the 30th anniversary of the fall of the Iron Curtain, the division of East and West Berlin for the Soviet Union and democratic Europe, which allowed people to pass freely in the city.

The improvement of trade rhetoric and earnings had many implications on market performance this week with major U.S. equity indices closing at record highs on Friday. Small and large cap domestic stocks gained nearly 1.0% and added to their double digit YTD advances. International markets similarly rose as haven assets turned lower. According to some analysts, the worst case trade scenario is being priced out of assets, although some uncertainty, of course, remains until a deal is signed. These moves shot a spike in bond yields with the 10-year Treasury closing at its highest level in months. Gold and the Yen declined relative to the U.S. dollar while the more interest rate sensitive sectors, real estate, and utilities, saw the worst of the weekly market performance.

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