Bloomberg:
- Euro-Area Manufacturing Picks Up as Demand Drives Prices Higher. Euro-area manufacturing expanded at the strongest pace in nearly six years, with firm order growth signaling a build-up of underlying price pressures. A Purchasing Managers’ Index climbed to 55.2 in January, IHS Markit said on Wednesday. The reading compares with a flash estimate of 55.1 and is up from 54.9 in December. A weaker euro and more expensive global commodities raised companies’ input costs, while high demand drove price growth to the fastest pace in five-and-a-half years.
- Inflation Surprise Index Shows Unexpected Global Turn: Chart.
- Toyota Leads U.S. Sales Drops as Carmakers Keep Discounts Coming. Toyota Motor Corp. led carmakers reporting U.S. sales declines in January, as an industry trying for another record year piled on discounts to keep showrooms busy. Deliveries fell about 11 percent for both Toyota and Fiat Chrysler Automobiles NV. Sales also dropped for General Motors Co. and Ford Motor Co., while Japan’s Nissan Motor Co. and Honda Motor Co. reported gains.
- Iraq Plays Ball With OPEC as Tanker Tracking Shows Flows Are Cut. Oil flows out of Iraq suggest that the Middle East country is complying, at least in part, with OPEC’s plan to curb production. Observed shipments in January were 109,000 barrels a day below October’s level, the month used as a baseline for the Organization of Petroleum Exporting Countries’ reductions plan. That indicates that Iraq has implemented around half of the production cut it agreed as part of the accord, assuming flows provide an indication of output.
- Fed Nods to Improved Sentiment While Leaving Rates Unchanged. (video) Federal Reserve officials left interest rates unchanged while acknowledging rising confidence among consumers and businesses following Donald Trump’s election victory. “Measures of consumer and business sentiment have improved of late,” the Federal Open Market Committee said in its statement Wednesday following a two-day meeting in Washington. Policy makers reiterated their expectations for moderate economic growth, “some further strengthening” in the labor market and a return to 2 percent inflation.
- U.S. Treasury Yield Curve Turns Steeper. (graph)
- Retailer-Backed Coalition Launches Campaign Against Border Tax. (video)
- Lilly(LLY) CEO Encouraged by Trump Meeting, Concerned About Obamacare. Eli Lilly & Co. Chief Executive Officer Dave Ricks said he was encouraged by President Donald Trump’s understanding of the complexities of drug development, yet he’s concerned about risks the industry may face in a fresh overhaul of the U.S. health-care system. “There’s a chance to get that right this time,” he said of Republicans’ Obamacare repeal and replace efforts, adding that the result should be a system that is market-based, increases access to medication and provides more choices for patients.
Zero Hedge:
- White House Blackballs CNN; Refuses To Send Surrogates On "Fake News" Network.
- CNN Producer Sues Trump Over Immigration Order.
- The Oil War Is Only Just Getting Started. (graph)
- Trump Tells McConnell "Go Nuclear" If You Have To.
- Trump's AG Pick Sessions Approved By Senate Committee.
- Democrats Again Boycott Committee Vote, Blocking Confirmation Of Trump EPA Nominee.
- Trump’s Supreme Court Pick: "The Best The Left Could Have Hoped For".
- Stagflation Shock: ISM Shows Input Costs Soaring At Fastest Since 2011. (graph)
- WTI, RBOB Dump'n'Pump Despite Biggest Crude Build Since October, Record Gasoline Inventory.
- Democrats Again Boycott Committee Vote, Blocking Confirmation Of Trump EPA Nominee.
- US Added A Blistering 246K Private Sector Jobs In January, Most Since June. (graph)
- European Bond Bloodbath - Worst January On Record Exposes Political Panic Across EU.
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