Plunging Commodity Prices and Other Leftovers

November 28, 2014

At $69.10 per barrel, WTI crude oil has fallen 6.2%.  OPEC failed to cut production quotas.

Comex gold is down over 1% at $1,182.20 per ounce.

Share prices are higher in the United States, Japan, China and India.  European equities are little changed.

Dollar/yen has risen further.  The euro is lower against the dollar but up on some crosses.

Sovereign debt yields are soft.

Euro area unemployment stayed at 11.5% for a third straight month in October, and youth unemployment ticked up 0.1 to 23.5%.

CPI inflation in Euroland slid 0.1 to 0.3% in November, matching September’s low.

Canadian GDP growth slowed to an annualized 2.8% in 3Q from 3.6% in 2Q.  Monthly GDP rose 0.4% in September.  Producer prices fell 0.5% last month on a 4.6% plunge in energy.

Japanese CPI inflation slowed to 2.9% in October from 3.2% and posted a 0.4% seasonally adjusted on-month decline.  Core inflation of 2.9% was at a 7-month low.  Excluding energy as well as fresh food, consumer prices dropped to a 12-month rate of 2.2%. 

Japanese unemployment dipped 0.1 percentage point to 3.5% in October.  Jobs were 0.4% greater than a year earlier.

On-year growth in Japanese retail sales slowed to 1.4% in October from 2.3% in September but matched the average 3Q pace.

Real consumption expenditure in Japan, which has posted on-year declines each month since April, was 4.0% lower in October.

Japanese housing starts sank 12.3% on year in October, but construction orders swung back into the black with a 15.7% 12-month gain.

Japanese motor vehicle output recorded a fourth straight on-year drop, this time of 6.3%.

Japanese industrial production firmed 0.2% in October but was 1.0% below its year-earlier level.

British consumer confidence printed at minus 2 in November, same as October’s reading.  The U.K. Nationwide house price index showed a 12-month rise of 8.5%.

German retail sales increased 1.9% on month and 1.7% on year.

Copyright 2014, Larry Greenberg.  All rights reserved.  No secondary distribution without express permission.

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