Headlines discussed at LNWM’s Monday morning briefing:
— The U.S. economy grew 33% in 3rd quarter 2020 (unrevised) after shrinking 31% in the 2nd quarter. GDP growth estimates for 4th quarter range from -1% to just under 5%.
— The U.S. global trade deficit in goods rose to $80.3 billion in October (from around $68 billion pre-Covid), as homebound Americans spent more on imported goods vs. services (travel, eating out, etc.).
— The 1.3% jump in October U.S. durable goods orders (computers, autos, etc.) was due to Pentagon spending; without military purchases, orders rose just 0.2%.
— U.S. personal income fell 0.7% in October, mostly due to a drop in government benefits; personal spending rose by 0.5%.
— China slapped stiff, 200% import tariffs on Australian wines (nearly 40% of Australia’s wine exports go to China), in escalating trade dispute.
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