Morning 11-30

ScoreCard for trade war leaning in favor of USA as a handful of economic Data points released last night out of China show a slowing Economy

  • Manufacturing PMI came in at 50 vs. F/C of 50.2   last time metric sub 50 was July of 2016.Any reading below 50 is an economy that is contracting
  • Steel industry PMI (didn’t know that had such a thing) Missed expectations as well thus applying some pressure on metals and material companies
  • China’s passenger car sales down 28% first three weeks of November compared to year earlier

Ugly stats ignored as china’s Shanghai stocks rallied into the close to finish +.8%

European Economic Scorecard

  • -EZ CPI: 2.0% y/y vs 2.1% cons=bearish euro
  • -EZ Core CPI: 1.0% y/y vs 1.1% cons=bearish Euro
  • -EZ Unemployment Rate: 8.1% vs 8.0% cons
  • German Retails Sales fall: -0.3% m/m vs 0.3% cons & 5.0% y/y vs 2.7% cons=bearish Euro
  • -German Import Prices rise: 1.0% m/m vs 0.5% cons & 4.8% y/y vs 4.2% cons= Bullish euro
  • Italian GDP q/q  -.1 vs  0 cons.= bearish Euro

  Not a good round of Economic Data, Bunds little changed to higher. European bourses lower Dax -.6%, Stoxx 50 -.2%, Spoos -13 handles NASDAQ -34 Copper down a touch contained in a tight range. Month end/and possibility of hedge funds year-end may make for some interesting activity today. All Eyes on this weekend’s G20 gathering whether it is Oil, Soybeans, Stocks and bonds all can be affected by what comes out of the get together. Sunday’s open could be interesting, Todays trade may be headline driven as plenty of opportunity for leaders to voice opinion on the pressing matters at hand. WTI -1.7%,brent -1.4%,gasoil -1.5% headlines overnight causing a very choppy trade as North sea production taking a hit  then Russia energy minister saying  he is comfortable with current oil prices.Everybody watch $50 in Cl, more psychological than anything of technical significance.

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