Month Ending with Usual Flurry of Data Reports

November 30, 2015

Overnight dollar movement ranges from declines of 0.9% against the kiwi, 0.6% versus the Aussie dollar, 0.2% relative to the loonie and 0.1% vis-a-vis the Swiss franc to rises of 0.5% against sterling and 0.2% versus the yen and euro.

The DJIA has dipped 0.2% so far.  The Ftse is off 0.1%, but the German Dax has gained 0.8%.  Share prices are also higher in Spain and Italy but close down 0.7% in Japan and Australia, 1.9% in South Korea, and 0.9% in Taiwan. The Chinese market edged 0.3% higher.

Ten-year Treasury, German bund and British gilt yields are steady.  The 10-year Japanese JGB yield firmed a basis point.

Comex gold and WTI oil prices are each 0.6% higher at $1,063.36 per ounce and $42.33 per barrel.

The Chicago and Milwaukee regional purchasing manager indices each printed below 50 in November and lower than October readings.  Milwaukee’s index fell 1.4 points to 45.3, while Chicago’s plunged 7.5 points to 48.7.

U.S. pending home sales rose 0.2% in October and showed greater on-year growth of 3.9%.

Canada’s seasonally adjusted current account deficit of C$ 16.212 billion in 3Q exceeded expectations but 2.2% smaller than the second-quarter imbalance.

Japanese retail sales increased 1.1% on month in October on top of a 0.8% September advance, and such grew 1.8% on year.  Large-store sales recorded accelerated on-year growth  of 2.9%.

Following a 1.1% advance in September, Japanese industrial production increased 1.4% last month.  But such remained 1.4% below its year-earlier level, and officials maintained the view that production is fluctuating indecisively.  Motor vehicle output recorded a smaller 12-month decline of 0.5% than the 2.6% drop in September and the 4.7% plunge in the  year to August.

Japanese housing starts in October were 2.5% below their year-earlier level, the first on-year drop since July. Construction orders plummeted to 25.2% below the year-earlier level.

As expected, German harmonized consumer prices edged up 0.1% in November and 0.3% versus a year before.

Italian consumer prices were just 0.1% higher than a year ago in November.

German retail sales volume sank 0.4% in October, surprising a street consensus calling for a small advance.  Sales were 0.6% below the 3Q mean and recorded a smaller 2.1% on-year advance.

The Swiss index of leading economic indicators dropped 2.5 points in November to a much lower-than-forecast 97.9 reading.

British mortgage approvals totaled 69.63K last month, 0.9% more than in September according to the central bank, which also reported that M4 money growth had strengthened to 3.7%.

In the year to the third quarter of 2015, real GDP rose 3.7% in P0land, 0.9% in Denmark, 1.4% in Portugal, 3.9% in Sweden, 7.4% in India, and 1.3% in Belgium.

In the twelve months through October, producer prices fell 2.0% in Austria, 1.3% in Hungary, 2.6% in Malaysia, and 6.1% in Cyprus.

South Korean industrial production recorded a 1.5% on-year rise in October, about half as much as in September.  Output fell 1.4% on month.

Business sentiment in New Zealand improved 4.1 points to a reading of 14.6 in November.  New Zealand building permits went up 5.1% on month in October, and on-year M3 money growth slowed to 7.7% from 8.5% the  month before.

Copyright 2015, Larry Greenberg.  All rights reserved.  No secondary distribution without express permission.


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