Quick Overview

• U.S. durable goods orders rose 3.4% in March.
  

• U.S. new home sales were at an annual rate of 858,000 in March up 2.6% MoM, but weaker than expected. For 2007, new home sales are down 23% YoY.
  

• GDP in South Korea rose 4% YoY.
  

• GDP in the U.K. was up 0.7% QoQ. YoY GDP was up 2.8%.
  
  
  

• The U.S. DOE said that:
  Supplies of crude oil rose 2.1 million barrels to 334.5 million barrels.
  Supplies of gasoline were down 2.8 million barrels
  Supplies of heating oil were down 2.6 million barrels.
  U.S. refinery capacity was at 87.8%, down from 90.4% the previous week.
  
  

• The International Copper Study Group estimates world copper production exceeded consumption by 40,000 tons in January. World mine production was up 9% YoY, total usage was up 6% YoY.
  

• There is concern about dry weather in Australia, China, and Eastern Europe – July wheat closed at a new contract high.