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Looking for deeper insight into markets? In tonight’s Closer sent to Bespoke Institutional clients, we begin tonight’s Closer with a look at the record drop in Chinese ADRs (page 1) followed by a look at lumber prices drop back to a normal range (page 2). We follow up with a review of the performance and fundamentals of automakers (page 3). Turning to macro data, we review the latest PMIs (page 4) then preview this week’s primary market Treasury sales (page 5). We close with a review of speculator positioning (pages 6 – 8).

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