Quick Overview

• U.S. interest rate futures hit new highs, and stocks fell in the face of widening problems in credit markets.

U.S. Sales Rose 8.3% Day After Thanksgiving, ShopperTrak Says
Nov. 24 (Bloomberg) -- U.S. consumers spent $10.3 billion on holiday purchases yesterday, an 8.3 percent increase from last year

Updates resume Nov. 25

Bond Market to Bernanke: Recession Threat Means More Rate Cuts
Financial companies may lose as much as $400 billion because of home foreclosures, based on a ``back-of-the-envelope'' calculation, Jan Hatzius, chief U.S. economist at Goldman Sachs Group Inc. in New York, wrote in a report last week. That will force banks, brokerages and hedge funds to cut lending by $2 trillion, he estimated.

Quick Overview

• U.S. consumer prices rose 0.3% in October and up 3.5%YoY.
  

• The New York Federal Reserve's regional index of manufacturing fell from 28.75 to 27.37 in November -- stronger than expected.
  

• The Philadelphia Federal Reserve's index of manufacturing rose from 6.8 to 8.2 in November -- stronger than expected.
  

• Canada’s existing home sales rose 1.3% from September's pace.
  

• U.K.'s retail sales fell 0.1% in October, but rose 4.4% YoY.
  

• Consumer prices in the Euro zone rose 2.6% in October
  

• Japan's tertiary index of services fell 1.6% in September.
  

• YoY Industrial production in China rose 17.9%.
  

• The U.S. Department of Energy said that:
  Supplies of crude oil rose 2.8 million barrels to 314.7 million barrels
  Supplies of gasoline rose 700,000 barrels
  Supplies of heating oil fell 700,000 barrels.
  Refinery use rose from 86.2% to 87.7% last week.
  gasoline demand rose 0.6% YoY
  Distillate demand rose 0.5% YoY.
  Supplies of natural gas are up 2.5% YoY and up 8% from the five-year average.
  

• The World Gold Council said that YoY gold demand rose 19% in the third quarter.
  

Quick Overview

• U.S. producer prices rose 0.1% MoM and 6.1% YoY
  

• U.S. retail sales rose 0.2% in October.
  

• Retail sales in China were rose 18.1% YoY
  

• GDP in the Euro area rose 2.6%.
  

• The U.K.'s unemployment rate was 5.4%, unchanged QoQ.
  

• Canada's index of leading indicators rose 0.1%.
  

Quick Overview

• A data service for MasterCard Worldwide, said U.S. retail sales rose 0.2% in October.
  

• The International Energy Agency expects world oil demand at 87.7 million barrels per day in 2008, down 300,000 barrels from an earlier estimate.

• Japan's GDP rose 0.6% QoQ and 2.1% YoY.
  

• Japan kept interest rate unchanged at 0.50%.
  

• YoY U.K.'s consumer prices rose 2.1%.
  

• YoY Consumer prices in China rose 6.5%.
  

Quick Overview

• YoY Japan producer price index rose 2.4%
  

• Analysts at the Deutsche Bank predict losses worldwide from subprime mortgages will eventually total $300 to $400 billion.
  

• India's industrial growth slowed to 6.4 percent in September.

What Mukasey Can Teach Musharraf Why, in a country of 300 million, home to a lopsided number of lawyers, we cannot find someone who will uphold the Constitution unequivocally, is one more mystery of our times.

How to Turn a Region Into a Graveyard..we have witnessed the emergence of a new Middle East that bears no resemblance to anything that US politicians might have envisaged, and which has become a major and lasting destabilising factor in the world.

Rage of Reason
The only time the polling firm has measured such strong give-this-guy-the-hook sentiment was in February 1974, at the height of the Watergate scandal, when Nixon's "strongly disapprove" number was measured at 48 percent. Bush beats him by a nose, but the margin of error makes the contest for "Most Reviled President, Modern Era" a statistical tie.

Quick Overview

• U.S. Trade shortfall of $56.5 billion was less than expected.
  

• The University of Michigan's consumer sentiment index dropped from 80.9 to 75.0 in November, the lowest in two years.
  

• China raised bank reserves to 11.5%. This is the ninth time this year the bank tries to cool an economy that expanded 11.5 % in the third quarter.

• Europe's central banks sold 50 tons of gold in October.
  

• Japan's industrial output rose 2.2%
  
  

• The European Commission reduced its estimate of GDP growth for the Euro area from 2.5% to 2.2% in 2008, they expect 2.1% growth in 2009.
  

• Canada’s trade surplus of C$2.6 billion is the lowest since December of 1998.
  

• The USDA's 2007-20008 U.S. ending stocks estimate of:
  Corn was reduced from 1.997 to 1.897 billion bushels.
  Soybeans were reduced from 215 to 210 million bushels.
  Wheat was increased from 307 to 312 million bushels.
  Sugar was reduced from 1.899 to 1.880 million tons.
  Cotton was increased from 6.40 to 7.60 million bales.
  

• The USDA's 2007-2008 world ending stocks estimate of:
  Corn remained at 110.4 million tons.
  Soybeans were reduced from 50.8 to 49.4 million tons.
  Wheat increased from 107 to 109.8 million tons.
  Cotton was reduced from 55.0 to 54.8 million bales.
  

Quick Overview

• The Fed’s Bernanke told Congress the central bank is doing all it can to ease the impact of increasing foreclosures. He sees a "delicate balance" between risks to growth and the risks of inflation.
  

• Australia's unemployment rate rose from 4.2% to 4.3% in October
  

• Canada's housing starts were down 22% from September's pace.
  
• The Bank of England kept the interest rate unchanged at 5.75%.
  
• The European Central Bank kept its interest rate unchanged at 4.00%.
  

• Machinery orders in Japan fell 7.6% in September, weaker than expected.
  

• The People's Bank of China estimats GDP will increase 11% this year with 4.5% inflation.
  
  

• Brazil's National Commodities Supply Corp. predicted a 59.4 million ton soybean crop in 2007-2008, the USDA estimated 62.0 million ton.
  

• Louis Dreyfus is predicting that Brazil's next coffee crop will total 50 million (60-kg) bags.
  
  

• The U.S. Department of Energy said that underground supplies of natural gas rose 36 billion cubic feet to 3.545 trillion cubic feet. Supplies are now up 3% YoY.

• Statistics South Africa said YoY gold production was down 6.5% in September.
  

Quick Overview

• U.S. Productivity increased at an annual rate of 4.9% in the third quarter, stronger than expected and the best gain in four years.
  

• Vice chairman of the National People's Congress suggested that China should reposition their $1.4 trillion of foreign currency reserves into stronger currencies.
  

• U.S. Wholesale sales rose 1.3% in September inventories rose 0.8%.
  
  

• Federal Reserve officials on said more interest rate cuts could be needed if economic growth proves weaker than expected.
  

• The U.S. Department of Energy said that:
  Supplies of crude oil were down 800,000 barrels last week to 311.9 million barrels.
  Supplies of gasoline were down 800,000 barrels
  Supplies of heating oil were up 600,000 barrels.
  Refinery use was flat last week at a sluggish 86.2% of capacity.
  Gasoline demand rose 0.8%
  Distillate demand fell 2.4%.
  

• Japans leading index fell 1.3% in September, due to Japan's poor housing starts. Eight of ten indicators rose.
  

Quick Overview

• Japan's index of leading indicators hit 0% in September, a signal of slower conditions ahead.
  

• Business activity in the Euro Area improved from 54.2 to 55.8 in October.
  

• Retail sales in the Euro Area rose 0.3% in September.
  

• The Reserve Bank of Australia lifted interest rates to an 11-year high of 6.75%.
  

• Peruvian miners went on strike. Peru is the world's largest producer of silver, fifth largest gold producer, and third largest copper producer.
  
  

• In Q4, the U.S. Department of Energy expects world oil consumption at 87.45 million barrels a day, and production at 85.88 million barrels a day.
  
  

Quick Overview

• The Institute of Supply Management's index of services increased from 54.8 to 55.8 in October, stronger than expected.
  

• The Federal Reserve should be ready to reverse two interest rate cuts if the U.S. economy escapes major damage from recent market turmoil, but recovery is a way off for housing and subprime mortgage markets, Fed officials said.
  

• Citigroup warned of another $8 to $11 billion in loan losses, reigniting fears about the health of financial firms and the broader U.S. economy. The CEO quit.
  

• The Florida Department of Citrus said that at the end of October, there were 49.2 million gallons of frozen orange concentrate in inventory, this is down 17% YoY.
  

• U.K. services fell from 56.7 to 53.1 in October, weaker than expected,
  

• U.K’s Factory production fell 0.6%.
  

• Bank of Japan Governor Toshihiko Fukui yesterday underlined the need to raise interest rates in a timely manner, saying that keeping them too low in the light of economic conditions could pose risks in the future.
  

Quick Overview

• U.S. Unemployment rate remained at 4.7% in October with a net increase of 166,000 jobs, much more than expected.
  

• U.S. Factory orders rose 0.2% in September, better than expected. Excluding transport, orders rose 1.4%.
  
  

• Canada’s unemployment rate improved from 5.9% to 5.8% in October, the lowest in 33 years
  

• Canadian Finance Minister Flaherty played down the idea of cutting interest rates as a way of stemming the rise of the Canadian dollar.
  

• Manufacturing in the Euro zone fell from 53.2 to 51.5 in October, the lowest in two years.
  

• Informa estimates the U.S. corn crop at 13.193 billion bushels, down 125 million from the last USDA forecast.
  
  

• Informa estimates the U.S. soybean crop at 2.628 billion bushels, up 30 million from the last USDA forecast.
  
  

• The Census Bureau said soybean oil stocks were 2.91 billion pounds at the end of September compared with 3.05 billion in August.

Quick Overview

• The Fed injected $41 billion into the U.S. financial system Thursday, the largest cash infusion since September 2001.
  

• U.S. personal incomes rose 0.4% in September, as expected
  

• U.S. Consumer spending rose 0.3%, less than expected.
  

• The Institute of Supply Management's index of manufacturing fell from 52.0 to 50.9 in October, weaker than expected.
  

• Australia's retail sales rose 0.8% in September.
  

$43.5 Billion Spying Budget for Year, Not Including Military
The number released Tuesday does not include the billions of dollars that military services spend annually on intelligence operations. The total spying budget for the last fiscal year, including this Pentagon spending, is said to have been in excess of $50 billion.

Quick Overview

• The Federal Reserve reduced the federal funds rate from 4.75% to 4.50%, as expected. The discount rate was reduced from 5.25% to 5.00%
  

• U.S. GDP rose 3.9% YoY, the best quarterly performance in over a year.
  

• U.S. employment cost index rose 0.8% QoQ and up 3.3% YoY.
  

• U.S. Personal consumption rose 1.9%
  

• U.S. construction spending rose 0.3% QoQ. YOY construction spending is down 3.2%
  

• The Chicago purchasing managers' index fell from 54.2% to 49.7%, weaker than expected
  

• Canada's GDP rose 0.2% MoM, and 2.4 YoY.
  

• Japan estimates GDP growth at 1.8% down from 2.1%.
  Japan kept rates unchanged at 0.50%.
  Japan's housing starts fell 44% YoY
  

• Unemployment rate in the Euro area dropped from 7.4% to 7.3%.
  

• The U.S. Department of Energy said:
  Supplies of crude oil fell 3.9 million barrels to 312.7 million barrels.
• Supplies of gasoline rose 1.3 million barrels
  Supplies of heating oil supplies rose 500,000 barrels.
  Refinery use fell from 87.1% to 86.2%
  U.S. gasoline demand rose 0.3% YoY
  Distillate demand fell 0.7%.