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Bloomberg:
- Companies in the U.S. expanded in December at the fastest pace in almost four years, signaling the economic recovery is gaining speed heading into 2010. The Institute for Supply Management-Chicago Inc. said today its barometer rose to 60, exceeding the most optimistic estimate of economists surveyed by Bloomberg News and the highest level since January 2006. Economists projected the Chicago index would drop to 55.1 from 56.1 in November, based on the median estimate of 53 projections in the Bloomberg survey. The group’s gauge of orders climbed to the highest level in more than two years and its measure of employment showed growth for the first time since November 2007, the month before the recession began. Indexes of production and order backlogs also improved.
- U.S. Senate staff members arriving at work by subway this month were greeted by signs proclaiming that “98,000 patients may die” through medical malpractice. On a single day in October, lawmakers received visits from more than 70 victims of doctors’ errors and the attorneys who represented them. And the trial lawyers’ political action committee gave members of the Democratic congressional majority more money than all but two other PACs. Such efforts helped trial lawyers avoid any of the concessions that other groups were forced to make to advance the cause of overhauling health care, despite polls showing strong support for curbs such as award caps on medical-malpractice lawsuits. Even organized labor, also among the Democrats’ most loyal supporters, faced a tax on high-end health-care plans. “Every single other group is being asked to put some skin in the game,” said Lisa Rickard, president of the Washington- based U.S. Chamber of Commerce’s Institute for Legal Reform, which has run ads supporting award caps. “There’s hesitancy within both the administration and the Congress to do anything that’s really going to upset the apple cart when it comes to the trial lawyers.”
- Consumer backlash and cost concerns may cause delays in the nationwide rollout of “smart” utility meters at the center of the Obama administration’s $8 billion push to update the U.S. electricity grid. PG&E Corp., owner of California’s largest utility, halted meter installations in Bakersfield, north of Los Angeles, after hundreds of customers complained that readings weren’t accurate. The meters, part of a so-called smart-grid initiative billed as clearing the way for more renewable-energy use, are designed to help consumers conserve power during periods of peak demand. Martha Johnson, pastor of a church in Bakersfield, said her utility bill almost doubled from a year earlier to $874 in July after her new meter was installed. “That caught my eye because I’ve never had a bill that high,” said Johnson, 64. San Francisco-based PG&E, which faces a lawsuit from a Bakersfield customer who’s seeking class-action status, says its meters are accurate and hot weather and increased rates led to higher bills than consumers expected. Whether PG&E’s complaints stem from perception or defects, they may slow U.S. installations of the meters, a cornerstone of President Barack Obama’s plan to spur grid upgrades with $8 billion in public-private funding. Consumer groups question whether benefits of the meters justify costs passed on when regulators allow utilities to increase rates to pay for them. “If customers lose confidence in smart meters, I would expect regulators would be more reluctant to grant rate increases to install new meters across the system,” said Travis Miller, a utility analyst at Morningstar Inc. in Chicago. “Any kind of adverse impact from these projects could impact long- term growth of the meters.” The devices allow utilities to check energy use remotely, eliminating the need for employing meter readers. They can be connected to equipment that shows customers when rates are highest, allowing households and other consumers to shift power use to less costly periods. Smart meters also give utilities more control of demand, helping them match usage with renewable electricity flows, such as from wind and solar power. There are about 8 million smart electric meters in the U.S., and that count will jump sevenfold by 2019, according to the Institute for Electric Efficiency in Washington. “Other states are looking very closely at what is happening in California,” said Mindy Spatt, a spokeswoman for the Utility Reform Network, a consumer group in San Francisco. “What we know for sure about the meters is they are job killers and they are very expensive. The rest is just pie in the sky.”
- In a holiday season when retailers crawled back from last year’s record decline, three U.S. clothing chains stood out as winners. Aeropostale Inc.(ARO),Nordstrom Inc.(JWN) and Kohl’s Corp.(KSS) promoted lower prices on specific merchandise and managed inventory to outpace industry sales in November. They will probably say next week those gains continued in December, according to Liz Dunn, an analyst at Thomas Weisel Partners LLC in New York. “They all did execute pretty well in response to the slowing consumer,” said David Abella, a portfolio manager with Rochdale Investment Management LLC in New York who holds shares of Aeropostale and Nordstrom. “If retail sales pick up broadly, they should get outsized gains at the expense of competitors.”
- Crude oil rose for a sixth day, extending its longest rally since October, as heating oil prices climbed on forecasts for colder weather in the U.S. Oil increased amid outlooks that the South and East will be “predominantly cold” for the next two weeks, boosting heating fuel use, according to MDA Federal Inc.’s EarthSat Energy Weather of Rockville, Maryland. Ample supplies of distillates, including heating oil and diesel, tempered the gain. “You’re going to have to be attuned to the weather forecast, how long this cold is going to last, and, by association, the stockpile levels that are higher than normal,” said Michael Fitzpatrick, vice president of energy with MF Global in New York. U.S. distillate stockpiles were 19 percent higher than a year earlier in the week ended Dec. 18. Temperatures in New York City are forecast to be as much as 9 degrees below average by Jan. 3, according to MDA Federal. U.S. distillate fuel supplies were 17 percent above the five-year average last week, the Energy Department reported today in Washington.
- Investors locking in gains from the biggest stocks rally in seven decades pushed options trading in the U.S. to a seventh straight annual record. The number of options on stocks, indexes and exchange- traded funds that changed hands in 2009 reached 3.59 billion contracts, topping the previous high of 3.58 billion set in 2008, Chicago-based Options Clearing Corp. said yesterday.
- The U.K. government’s plan to tax bankers’ 2009 bonuses may drive financial firms overseas, causing a decline in the industry similar to the deterioration in shipbuilding, the British Bankers’ Association said. “The U.K. has a record of building up great industries such as in steel, shipbuilding, engineering,” Chief Executive Officer Angela Knight said in an e-mailed statement today. “It would be the height of irresponsibility to lose this industry as we have done with others so many times before.”
Wall Street Journal:
- Royal Dutch Shell PLC has roughly doubled its financial support for biofuels start-up Codexis Inc. in the past year, the latest sign that oil companies are slowly and selectively increasing their interest in plants-to-fuels research. Shell is on pace to spend $60 million in 2009 to fund research at Codexis, nearly twice the amount as the year before, according to regulatory filings. Codexis filed paperwork this week for a $100 initial public offering. The start-up is developing microbes to speed up the chemical reactions that turn inedible plants, such as grasses or stalks, into ethanol and diesel. Other crude-oil companies also have increased spending on biofuels. Exxon Mobil Corp. said this summer it would spend $600 million over five or six years on a partnership with Synthetic Genomics Inc. to develop a way to turn algae into motor fuels. Chevron Corp. entered into a relationship in October with Mascoma Corp. to investigate plant-based fuel. And BP PLC created a venture with Verenium Corp. this year to build a fuel plant in central Florida next year.
- Supporters of President Mahmoud Ahmadinejad's regime encouraged Iranians to turn out for a series of pro-government rallies Wednesday in Tehran and across Iran, going as far as offering free travel on the capital's metro for the day. Throngs of government supporters coursed through the streets of Tehran in images broadcast live by Iranian state TV. Large crowds waved banners and colorful flags, some with pictures of Supreme Leader Ayatollah Ali Khamenei. The planned rallies follow several days of increasingly stark warnings by government and security-service officials against opposition protests after bloody clashes between demonstrators and authorities Sunday.
MarketWatch.com:
- "Go anywhere" typically describes mutual funds that roam the world's stock markets and buy wherever they see value. For Brian McMahon, co-manager of Thornburg Global Opportunities Fund(THOAX) with Vinson Walden, many of the best stock values nowadays are here at home. Six of the fund's 10-largest recent holdings were based in the U.S., including three in the financial sector.
CNBC:
Washington Times
- The Nigerian accused of trying to blow up a Detroit-bound airliner had his suicide mission personally blessed in Yemen by Anwar al-Awlaki, the same Muslim imam suspected of radicalizing the Fort Hood shooting suspect, a U.S. intelligence source has told The Washington Times. The intelligence official, who is familiar with the FBI's interrogation of Umar Farouk Abdulmutallab, said the bombing suspect has boasted of his jihad training during interrogation by the FBI and has said it included final exhortations by Mr. al-Awlaki. "It was Awlaki who indoctrinated him," the official said. "He was told, 'You are going to be the tip of the spear of the Muslim nation.'"
The Business Insider:
- OPEC Has Way Too Much Oil For 2010.
- And Just Like That, The US Amps Up The Trade War Against China.
Denverpost.com:
Washington Post:
- The Obama administration is readying sanctions against discrete elements of the Iranian government, including those involved in the deadly crackdown on Iranian protesters, marking a shift to a more aggressive U.S. posture toward the Islamic republic, U.S. officials said. Ten months after President Obama set a year-end deadline for Iran to engage with world powers on its nuclear program, the government in Tehran has failed to respond in kind, other than an abortive gesture in the fall. Now, in what may be a difficult balancing act, officials say the administration wants to carefully target sanctions to avoid alienating the Iranian public -- while keeping the door ajar to a resolution of the struggle over Iran's nuclear program. The aim of any sanctions is to force the Tehran government to the negotiating table, rather than to punish it for either its apparent push to develop a nuclear weapon or its treatment of its people.
TheDeal.com:
Rassmussen:
- Many have questioned whether those who favor or oppose the health care plan in Congress really know what’s in it. A new Rasmussen Reports national telephone survey suggests that they have a decent understanding of the bill and that voter attitudes towards the legislation have hardened. While several individual components of the plan are popular, reminding voters of what’s included in the plan has virtually no impact on support for the overall legislation. This suggests that there are not major surprises in the legislation that will cause people to change their opinion of it. Thirty-nine percent (39%) of voters nationwide support the heath care plan, and 58% are opposed.
Politico:
- House Minority Leader John Boehner on Wednesday echoed a Republican chorus of criticism directed at the Obama administration’s response to the Christmas terror plot, saying Obama should not close the prison at Guantanamo Bay. “It’s time for the president to halt terrorist transfers to other countries, including Yemen, and to re-evaluate his decision to close the prison at Guantanamo,” he said in a statement to be released Wednesday. Boehner added: “The administration’s response following this attempted attack is consistent with its dangerous decision to close the terrorist prison at Guantanamo Bay and bring Khalid Sheikh Mohammed and other 9/11 terrorists to trial in the United States through civilian courts, rather than the military commissions already in place. We know the decision to close this prison has not stopped Al Qaeda from plotting attacks on Americans, turning these terrorists over to other countries is not working, and we shouldn’t import them into the United States.”
NetworkWorld:
- 10 IDC tech predictions 2010.
SeekingAlpha:
- My 10 Picks for 2010’s Tech Revolution.
- AIG(AIG) Bailout: A Wasteful Moral Hazard. The AIG bailout will go down as one of the most wasteful use of taxpayer dollars and the largest representation of moral hazard in government interventionist history. Despite the seemingly strong recovery from the financial brink of doom, the silent risk that was introduced into the economic gears was the absolute financial backing and bailouts. Moral hazard describes the way firms act differently under the knowledge that when they get in trouble, daddy (the taxpayer) will step in to save the day. Imagine how you would gamble your life savings in Vegas if you knew that if you lost every dime, someone would step in and give you back your money?
SchaeffersResearch:
- Stocks Advancing Amid Heavy Short Interest:
Reuters:
- As U.S. energy companies scramble to mine natural gas from shale deposits, state regulators are struggling to keep pace amid criticism that they lack the resources to enforce environmental laws. Shale gas trapped deep underground is considered one of the most promising sources of U.S. energy and one that is generating jobs, royalties for landowners and tax revenue for cash-strapped state governments. But environmentalists and small-town neighbors of drilling operations say officials have been slow to respond to their complaints of air and water pollution resulting from drilling, production or gas processing.
- The day after Christmas was the second-biggest shopping day during the U.S. holiday season, with $7.9 billion spent, even though traffic in stores fell 6.6 percent from a year ago, ShopperTrak said on Wednesday. Only the day after Thanksgiving, or "Black Friday," was busier in terms of traffic and sales, at $10.66 billion, the firm said. Sales during the full week ended Saturday, Dec. 26 rose an estimated 8.8 percent, while traffic at U.S. stores fell 1 percent, ShopperTrak said. Still, four of the top seven traffic days in the holiday season came last week, it said. The week was expected to take on more significance this year after a major snowstorm disrupted shopping plans for many consumers on the East coast during the final weekend before Christmas.
- U.S. online spending rose 5 percent to $27.12 billion from the start of November through Christmas Eve even though individuals spent slightly less than they did last year, according to data released by comScore (SCOR) on Wednesday. ales of consumer electronics jumped slightly more than 20 percent and jewelry and watches were also strong performers after a "very weak" season a year earlier, comScore Chairman Gian Fulgoni said in a statement.
Financial Times:
- Bank lending to industry in the eurozone slowed in November, the European Central Bank said on Wednesday, sending a clear signal about the fragility of economic recovery in the 16-nation currency bloc. Loans to non-financial institutions shrank at an annual rate of 1.9 per cent last month after shrinking 1.2 per cent in October, the Frankfurt-based central bank said in its monthly report on monetary developments in the euro area. Howard Archer, an analyst at Global Insight, warned the trend “maintains concerns that eurozone recovery could be held back over the coming months by a significant number of companies being unable to get the credit they need”.
TimesOnline:
Telegraph:
Style Underperformer:
Small-Cap Value (-.80%)
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Hospitals (-1.29%), Restaurants (-.95%) and Construction (-.91%)
Stocks Falling on Unusual Volume:
TSRA
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1) YRCW 2) SWY 3) CNW 4) SEED 5) PCX
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Sector Outperformers:
Semis (+.79%), Computer Hardware (+.32%) and Telecom (+.31%)
Stocks Rising on Unusual Volume:
OSIS, NVDA, STX, SNDK, SEED, KONG, KFRC and CALM
Stocks With Unusual Call Option Activity:
1) DHI 2) PMCS 3) CTAS 4) BCS 5) RVBD
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Late-Night Headlines
Bloomberg:
- Bankers Get $4 Trillion Gift From Barney Frank. To close out 2009, I decided to do something I bet no member of Congress has done -- actually read from cover to cover one of the pieces of sweeping legislation bouncing around Capitol Hill. Hunkering down by the fire, I snuggled up with H.R. 4173, the financial-reform legislation passed earlier this month by the House of Representatives. The Senate has yet to pass its own reform plan. The baby of Financial Services Committee Chairman Barney Frank, the House bill is meant to address everything from too-big-to-fail banks to asleep-at-the-switch credit-ratings companies to the protection of consumers from greedy lenders. I quickly discovered why members of Congress rarely read legislation like this. At 1,279 pages, the “Wall Street Reform and Consumer Protection Act” is a real slog. And yes, I plowed through all those pages. (Memo to Chairman Frank: “ystem” at line 14, page 258 is missing the first “s”.) The reading was especially painful since this reform sausage is stuffed with more gristle than meat. At least, that is, if you are a taxpayer hoping the bailout train is coming to a halt. If you’re a banker, the bill is tastier. While banks opposed the legislation, they should cheer for its passage by the full Congress in the New Year: There are huge giveaways insuring the government will again rescue banks and Wall Street if the need arises.
- GMAC Inc., the home and auto lender, is discussing with the Obama administration an additional aid package of about $3 billion to $4 billion, according to a person familiar with the matter. The size of the assistance remains under negotiation, the person said on condition of anonymity because the talks are private. A deal may be reached within days as Detroit-based GMAC incorporates losses from its home-loan businesses, the person said. GMAC has already received two rounds of government aid totaling $13.5 billion as it struggled with losses at its home mortgage operations, which include Residential Capital LLC, known as ResCap. The Obama administration regards the lender as crucial to the survival of the U.S. auto industry. General Motors Co., its former parent, and Chrysler Group LLC rely on the firm to finance their vehicle buyers.
- Japan Airlines Corp. plunged to a record in Tokyo trading on speculation the company may seek bankruptcy, even as the nation’s transport minister said other options remain for the unprofitable carrier. The airline, Asia’s biggest by sales, dropped as much as 32 percent to 60 yen and traded at 67 yen as of 1:24 p.m. local time. The volume of shares sold was seven times the daily average for the past three months.
Wall Street Journal:
- Auditors discovered that 234.7 billion yuan ($34.3 billion) disappeared from public funds in the first 11 months of this year, state media said Tuesday, in a report that underscores the depth of official corruption in China. Cases involving 67 senior officials and 164 others were handed over to judicial authorities. Premier Wen Jiabao has called on state auditors to review public-investment projects to help avoid embezzlement and waste, Xinhua news agency reported. Official corruption is one of the main causes of social unrest in China, and the country's leaders have publicly warned that it has become so widespread that it now threatens Communist Party rule.
- Freddie Mac's Christmas Eve securities filing on executive compensation showed that the company's human-resources chief, Paul George, is among the mortgage company's five highest-paid officers, with annual pay of up to $2.7 million, depending on incentive payments. That makes Mr. George a rarity. Corporate Library says HR executives are among the five best compensated at just 186, or 6%, of the 3,200 corporations in the research firm's North American database. And among those happy 186 HR honchos, Mr. George ranks in the top 15 in terms of pay. Before the government took over the reins in 2008 amid soaring losses, Freddie was slow to find successors for its chief executive and chief operating officer, despite prodding from regulators. Mr. George, who worked at Wachovia Corp. before joining Freddie Mac in 2005, didn't respond to requests for comment.
- Companies gambling that they can shake up the portable-computer market plan to lay some cards on the table in Las Vegas next week. The 2010 Consumer Electronics Show will be a coming-out party for a new breed of ultra-small laptops that act more like smart phones—designed to be always on and connected to the Internet via 3G cellular networks, ready to call up a Web page or post an update on Twitter. Promoters of the new devices have been pushing the term "smartbooks," partly to distinguish them from the low-end portables called netbooks that have been the hottest thing in the PC industry over the past two years. But there are unanswered questions about features and pricing for the new hardware, leaving the possibility that consumers could get confused with existing netbooks.
- After nearly two decades fighting gangs, Los Angeles County Sheriff's Detective Robert Lyons thought he had seen it all. Until he saw members of the Bloods and the Crips -- rival gangs that spent years in brutal conflict -- meeting amiably in a restaurant. "They were talking. There was hugging and high-fiving. It was unbelievable," Mr. Lyons said. He has heard a refrain from gang members: Red (the Bloods) and blue (the Crips) make green (money). Gangs that were once bloody rivals now are cooperating to wring profits from the sale of illegal drugs and weapons, law-enforcement officials and gang experts say. In some cases, gangs that investigators believed to be sworn enemies share neighborhoods and strike business deals. The collaboration even crosses racial lines, remarkable in a gang world where racial divisions are sharp and clashes are often racially motivated.
CNBC.com:
- There’s nothing like travel to chase away the winter blues. And those who book over the next few weeks stand to benefit from some of the deepest discounts in years on hotels, cruises and airfare—compliments of the troubled economy. January through March, the off-season in many locations, is “always the best time to get the best deals,” says Pauline Frommer, a travel expert and editor of the Pauline Frommer Guide books, who notes that package deals over the last few years have hit rock bottom.
DailyFinance:
- Wireless Watch: Expect a Rebound in 2010.
Business Insider:
- Leaked Nexus One Documents: $530 Unlocked, $180 With T-Mobile. A tipster just sent in these Nexus One screenshots that supposedly confirms two things: that Google will sell it unlocked and unsubsidized for $530, and that Google will sell it by themselves. Plus, some other very interesting details.
Politico:
- The governors of the nation’s two largest Democratic states are leveling sharp criticism at the Senate health care bill, claiming that it would leave their already financially strapped states even deeper in the hole. New York Democratic Gov. David Paterson and California GOP Gov. Arnold Schwarzenegger are urging congressional leaders to rework the Medicaid financing in the Senate-passed bill, warning that under that version their states will be crushed by billions in new costs. After the Senate passed the bill in a Christmas Eve vote, Paterson said the expansion would leave New York $1 billion in the lurch. The state faces a $6.8 billion budget shortfall heading into the 2010 fiscal year. “[I] am deeply troubled that the Senate version of the bill worsens what was already an inequitable situation for New York and I will continue to be an advocate on behalf of New Yorkers to ensure we are treated fairly by this critical federal legislation,” Paterson said in a statement. In a letter to House Speaker Nancy Pelosi, Schwarzenegger wrote that the legislation would create a “crushing new burden” for a state with a whopping $20.7 billion budget deficit. “When asked for my support, I was assured that federal legislation would not increase costs to California or include new unfunded mandates,” Schwarzenegger wrote. “Unfortunately, under nearly every scenario we can predict, the federal health care reform legislation being debated would cost California’s General Fund an additional $3 billion to $4 billion annually.”
Rasmussen Reports:
- The economy barely beats out government ethics and corruption as the issue of number one importance to most voters this month. Health care and taxes are a little more on voters’ minds, too. The latest Rasmussen Reports national telephone survey shows that 81% of voters consider the issue of the economy as very important, topping a list of 10 key electoral issues regularly tracked by Rasmussen Reports. But 79% say the same of government ethics and corruption. In third place this month is health care, rated very important by 75% of voters, up from 66% in November. It’s interesting to note, however, that just 40% of voters nationwide now favor the health care plan working its way through Congress, while 55% oppose it.
AgricultureOnline:
FINalternatives:
- Investors yanked billions from Millennium Management after the hedge fund made it easier to redeem their investments. All told, the New York-based hedge fund returned about $3 billion in October, roughly 27% of its assets under management. The firm now runs about $8 billion, Reuters reports. After the third quarter, Millennium changed its liquidity terms, giving investors the option of withdrawing a quarter of their assets every quarter, or all of it annually. The firm imposed no gate or other withdrawal restrictions during the financial crisis.
Chicago Tribune:
USAToday:
- Benjamin Franklin's maxim that "nothing is certain but death and taxes" remains true. But a congressional stalemate has left the federal estate tax, the levy on assets left to heirs, in doubt for at least part of 2010. The tax is poised to expire Thursday, though the House and Senate are expected to pass a reauthorization, possibly retroactive to Jan. 1, next year. In the meantime, what might seem like a potential tax savings has become a guessing game for taxpayers, accountants, estate planners and tax lawyers. The impasse also could mean capital gains taxes on more inheritances.
Reuters:
Financial Times:
- The Iranian regime has rounded up hundreds of opposition supporters, including prominent politicians and journalists, in a fresh effort to put down persistent anti-government protests in cities across the country. Iranian authorities also renewed their attack on the west, blaming the unrest squarely on the US and Britain. President Mahmoud Ahmadi-Nejad said the demonstrations had been a “Zionist and American-ordered show”. “Britain will receive a punch on the mouth if it does not stop its nonsense,” said Manouchehr Mottaki, the foreign minister. Among those who have been detained since the weekend are Alireza Beheshti, the senior adviser to the opposition leader Mir-Hossein Moussavi, and Nooshin Ebadi, the sister of Shirin Ebadi, the Nobel Laureate. Karim Sadjadpour, at the Carnegie Endowment for International Peace in Washington, said: “A regime that feels confident about themselves does not resort to imprisoning and assassinating relatives of their political opponents. “The Islamic Republic’s future looks bleak, but they have plenty of brutality left in them and they are capable of doing even more horrendous things in the coming months.” The opposition Green Movement, formed out of support for Mr Moussavi, has managed to sustain its protests since the disputed June presidential election by hijacking national days once set aside for commemorating religious and political events. Meanwhile, the regime signalled that it was considering the arrest of Mr Moussavi himself. Four of the opposition leader’s aides have now been detained since the protests on Sunday when his nephew, Ali Habibi, was shot dead. The Javan newspaper, affiliated to the elite Revolutionary Guards, urged government supporters due to stage a rally in Tehran today to march on Mr Moussavi’s office.
TimesOnline:
- Regulators in the United States are investigating arcane financial instruments sold by Wall Street during the economic crisis amid accusations that banks duped investors into betting on toxic mortgage assets. The Financial Industry Regulatory Authority (Finra) has started an investigation into synthetic collateralized debt obligations (CDOs), according to people with knowledge of the inquiry. Finra, which monitors broker dealers, already has several investigations open into so-called authentic CDOs. The Securities and Exchange Commission (SEC), whose authority stretches from banks to investment advisers, is also thought to be looking into the complex instruments created by the banks and sold to investors, such as pension funds. Synthetic CDOs have been blamed for multiplying the pain of the sub-prime mortgage meltdown by providing investors with an additional way to bet on the property market.
Daily Express:
- The Tiger Woods scandal is set to be turned into a TV movie with Oscar-winning actor Cuba Gooding Jr lined up to play the bed-hopping golfer. The Jerry Maguire star, 41, is reportedly being eyed for the high-profile role by several Hollywood producers, who are vying to be the first to get a film about the sensational revelations into production in the new year.
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Economic Releases
9:45 am EST
- The Chicago Purchasing Manager report for December is estimated to fall to 55.1 versus a reading of 56.1 in November.
10:30 am EST
- Bloomberg consensus estimates call for a weekly crude oil inventory decline of -1,850,000 barrels versus a -4,841,000 barrel decline the prior week. Gasoline supplies are expected to rise by +1,000,000 barrels versus a -883,000 barrel decline the prior week. Distillate inventories are estimated to fall by -2,225,000 barrels versus a -3,027,000 barrel decline the prior week. Finally, Refinery Utilization is expected to rise by +.28% versus a +.09% gain the prior week.
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- None of note
Other Potential Market Movers
- The weekly MBA mortgage applications report and the Treasury's 7-Year note auction could also impact trading today.