Quick Overview

• The stock market was supported by a positive reading on the University of Michigan index of consumer sentiment. The index increased to 81.6 this month from 74.2 (a 13 year low) in October vs. 81.0 expected.
  

• The number of U.S. workers filing initial unemployment benefits rose by 30,000 to 335,000 last week, the Labor Department said.
  

• Assets of the nation's retail money market mutual funds rose by $1.64 billion to $829.60 billion in the latest week -- the Investment Company Institute said.
  
  

• The U.S. Department of Energy said that:
  Supplies of crude oil were up 400,000 barrels to 321.8 million.
  Supplies of unleaded gasoline were up 200,000 barrels
  Supplies of heating oil supplies were up 1.3 million barrels.
  Supplies of natural gas were down 8 billion cubic feet to 3.274 trillion cubic feet. YoY supplies are down 1%.
  

• The USDA said that world sugar production will be 144.2 million tons in 2005-2006, 3.6 million tons less than total use.
  

• Because of a NAFTA deadline, the U.S. has agreed to remove the 16.4% tariff on Canadian lumber, not right away. The U.S. wants to appeal the NAFTA decision as long as it can.
  

• YoY Mexico's trade deficit widened to $631 million in October from $564.
  

• YoY Japan's current account surplus shrank 28.8 percent in October,
  

• Canada's index of composite leading indicators was up 0.5% in October
  

• Brazil's central bank cuts its benchmark interest rate for the third consecutive month, despite higher-than-expected inflation.
  
  

• Gold mining company Placer Dome Inc. on Wednesday said its board is recommending shareholders reject a $9.2 billion takeover bid by Barrick Gold Corp.