Global Macro Perspectives
China Consumer Price Index was up 6.1% in September, vs. 6.1% consensus and 6.2% August reading. Food inflation remained unchanged at 13.4%.
China Producer Price Index was fell to 6.5% from 7.3% in August. Consensus was at 6.9%.
The macro data will be the main factor driving the price of oil. The demand data was strong in the recent weeks, but came tepid in the last reading. The price has moved fast form deeply oversold into overbought, so the risks are to the downside.
Working gas in storage rose 112 Bcf from previous week. Consensus was at 102 Bcf.
Storage level is 69 Bcf lower than same time year ago and has moved above 5-year average.
*** Macro Man: It depends on who you listen to ***
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Initial jobless claims in the U.S. were reported at 404.000 vs. 405.000 consensus and last week revised (up 4.000) reading of 405.000.
China trade balance was reported at USD 14.5 billion vs. USD 17.8 billion in August and USD 16.3 billion consensus. Export and import growth were running at 17.1 and 20.9 percent vs. 24.5 and 30.2 percent y-o-y in June.
This is fun. A colorful discussion with lots of opposing views.
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Baltic dry index rose 5.3% last week; Capesize Index was up 2.6%; Panamax Index rose 10.8%; Supramax Index was up 2.3%; Handysize Index rose 4.6%.
Baltic Dirty Tanker Index rose 11.5%; Baltic Clean Tanker Index fell 2.2%.
Nonfarm payrolls rose 103.000 in September; Consensus was at 60.000; August reading was an increase of 57.000 (revised up 57.000). The unemployment was reported at 9.1% vs. prior reading and consensus of 9.1%.
Private payrolls were up 137.000 vs. 90.000 consensus and 42.000 reading in August (revised up 25.000).
Big positive surprise
Initial jobless claims in the U.S. were reported at 401.000 vs. 410.000 consensus and last week revised (up 4.000) reading of 395.000.
ADP Employment rose 91,000 in September vs. revised (down 2,000) gain of 89,000 in August.