US DATA: Oct Indl Production -0.4% vs +0.2%r Sept (was +0.4%), weaker than
expected. Text: “Hurricane Sandy, which held down production in the Northeast
region at the end of October, is estimated to have reduced the rate of change in
total output by nearly 1 percentage point. The largest estimated storm-related
effects included reductions in the output of utilities, of chemicals, of food,
of transportation equipment, and of computers and electronic products.” Oct mfg
-0.9%, but was estimated unch ex storm, with consumer and business mfg lower;
utilities -0.1% (also possibly a storm effect); mining +1.5%. IP is now +1.7%
YOY. Cap-Utilization -0.4 pt to 77.8%, still 2.5 pts below its long-term (40 yr)