Global Macro Perspectives
U.S. housing starts in November rose 3.9% to 555.000 vs. revised (15.000 higher) 534.000 October reading. The consensus was at 550.000. On year level U.S. housing starts are down 5.8%.
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Initial jobless claims in the U.S. were reported right at the consensus of 420.000; last week revised (up 2.000) reading was at 423.000.
Crude oil stocks fell 9.9 million barrels; Gasoline stocks were up 0.8 million barrels; Distillate stocks rose 1.1 million barrels; Propane/propylene stocks fell 1.9 million barrels; Other oils stocks decreased 3.8 million barrels; Total crude oil and petroleum stocks were 15.6 million barrels lower for the week.
Refinery utilization rose 0.5% to 88.0%.
Implied crude oil demand fell 0.5 million barrels.
Crude oil and petroleum product net imports fell 1.8 million barrels to 7.8 million barrels. Lowest level in more than 10 years.
Impressive and record stockpile draw; No prof of increased demand; Looks like oil traders move crude oil around the globe.
Housing Market Index for October was reported at 16, unchanged from October. Consensus was also at 16.
U.S. industrial production rose 0.4% in November. The consensus was at 0.3%, October revised (down -0.2%) reading was at -0.2%. On year level industrial production is up 5.4%.
Empire State Manufacturing Survey for December came out at 10.57 vs. 5.0 consensus and -11.14 prior reading.
MBA mortgage applications fell 2.3%; Prior reading was a decrease of 0.9%; On year level MBA Basic Index is down 11.6%.
U.S. consumer price index rose 0.1% in November vs. 0.2% consensus and October reading of 0.2%. On year level CPI inflation is running at 1.1%.
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Literally nothing new here.
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U.S. retail sales rose 0.8% in November. The consensus was at 0.6%, October reading (revised up 0.5%) was at +1.7%. On year level retail sales are up 7.0%.
U.S. producer price index rose 0.8% in October vs. 0.6% consensus. October reading was at 0.4%. On year level PPI is up 3.5%.