Market news
13.01.2011, 13:36

US DATA: Nov trade bal -$38.3b (lowest deficit since Jan'10 and a second surprise month) as imports +$1.1b but exports +$1.2b.

In exports civ aircraft +$420m and pharma +$981m were key. In imports, crude oil +$1.9b (unit price +3.5%/bbl but quantity also gained) was offset by -$427m autos and -$912m pharma. Services surplus of $12.9b was a record as services imports fell $0.3b on lower transport/travel costs. Oct-Nov real trade is showing an almost 10% improvement from the Q3 avg, enough to add substantially (in area of 1-2 pts) to real GDP growth. NSA trade bal by country: with China -$25.6b vs -$25.5b Oct as exports moved to highest on record, Japan -$5.8b vs -$5.7b, OPEC -$7b vs -$5.7b. Asia and oil remain problems.

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