Boxing Day

December 26, 2017

The extended Christmas holiday left many markets closed, including Britain, many Continental European centers, Canada, Australia, New Zealand and South Africa.

Commodity prices, both oil and precious metals, are higher.

Released Japanese data showed

  • An unexpected further drop in the jobless rate to 2.7% along with a 1.2% on-year advance in unemployment.
  • A 0.1% uptick in corporate service prices, producing a 12-month 0.8% rate of rise for the third time in 4 months.
  • Higher on-year CPI inflation. The total CPI inflation rate rebounded to 0.6% after dropping in October to 0.2% from 0.7% in September. Core CPI, which excludes fresh food, edged up to 0.9% from 0.8% the month before 1.8% and 0.7% in September, and core core CPI, which excludes energy too, was 0.3% after 0.2% drop in October. On-year PCE and personal income growth was 1.7% and 2.0%, respectively.
  • The index of leading economic indicators edged up 0.1%, while the index of coincident economic indicators in November was 0.1% softer.

The Case Shiller index of U.S. housing prices in 20-metro centers increased 0.7% on month and 6.4% on year. The Richmond Fed manufacturing index dropped back to a 2-month low of 20 in December after readings of 30 in November, 12 in October and 19 in September.

Copyright 2017, Larry Greenberg. All rights reserved. No secondary distribution without express permission.



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