US DATA: Oct import prices +0.5% (above expectations) but +0.3%
nonfuels and just +0.4% YOY, suggesting the headline far overstates any
price pressures. Export prices flat, and +0.2% ex-ag. In imports, foods
+0.2%, autos +0.3% and nonoil industrial supplies +1.2% (biggest since
Mar’12) added to gains. Fuel imports printed +1.2% and have advanced
+12.3% over the last 3 mos. By country, import prices were mixed: Canada
+0.5%, EU +0.6%, UK +0.6%, LatinAm +0.7% and Japan +0.3% were offset by
-0.3% for China.