US DATA: Oct trade bal was almost as expected at -$42.2b but included
drops in imports (-$4.9b) and exports (-$6.8b). Oct imports drop stemmed
from -$3.6b consumer goods (cell phones -$1.3b perhaps related to
iPhones, & pharma -$879m), -$449m computer accessories, -$456m autos.
Crude oil & related imports +$2.5b as prices rose. Exports drop stemmed
from -$1b aircraft, -$2.9b ind supplies (oil, nonmon gold, chemicals),
-$1.4b foods (draught effect?), -$0.5b gems-jewelry. NSA trade gap by
country: China hit a new high -$29.5b vs -$29.1b in Sept, Japan -$7b
vs -$4.8b, OPEC -$8.6b v -$7.1b. Surplus with Cen-So American at +$2.6b
was a record, vs +$2.2b in Sept, as exports to Brazil picked up. Real
trade bal in Oct has narrowed vs Q3 avg, will add perhaps 0.5pt to Q4
GDP, a good result. Nov’s dock strike could hurt this math, though.