Quick Overview

• U.S. wholesale sales totaled $377.4 billion in October, down 4.1% MoM, but up 2.7% YoY. Inventories fell 1.1%.

• U.S. foreclosure activity dipped 7% MoM, but jumped 28% YoY RealtyTrac said.
  

• YoY Chinese exports fell 2.2% in November
  

• The U.S. Department of Energy said:
  Supplies of crude oil rose 400,000 barrels to 320.8 million barrels.
  Supplies of gasoline rose 3.8 million barrels to 202.7 million barrels
  Supplies of heating oil rose 1.7 million barrels.
  Refinery use increased from 84.3% to 87.4% of capacity.
  Gasoline demand fell 3.2% YoY
  Distillate demand fell 4.0% YoY.
  

• Bloomberg reported that world’s largest iron ore consumer China may ask global iron ore majors to accept an 82% price cut for iron.
  

• Bloomberg reported that BHP Billiton Ltd shipped the least amount of iron ore from Australia in 9 months amid plunging demand from China.
  

• Rio Tinto is cutting 14,000 jobs.

• Chinas President Hu reiterated the government’s commitment to use all tools at its disposal to maintain economic growth at 8% in 2009.
  

• (Reuters) - A prominent team of U.S.-based researchers predicted 14 tropical storms in the 2009 Atlantic hurricane season on Wednesday and said seven would develop into hurricanes.
  

• The dividend yield on the S&P 500 is 3.48%. The yield on a 30-year U.S. bond is 3.16% -- 1958 was the last time that happened.

• China’s November iron ore imports rose by 6% MoM.
  China's producer price decelerated to an annual rise of 2%.
  

• American Iron & Steel Industries said US weekly raw steel production fell by 44% YoY