Global Macro Perspectives
On the supply side we had large crude oil draw in the last two weeks because hurricanes in the gulf. Demand anemic. I still believe that the macro data will be the main factor driving the price of oil. Overall I expect volatile trading with no clear trend.
Empire State Manufacturing General Business Conditions Index for June came out at -8.8 vs. -4.0 consensus and prior reading of -7.7.
U.S. industrial production rose 0.2% in August. Consensus was at 0.0%, July reading was at 0.9%. On year level industrial production is up 3.3%.
U.S. consumer price index rose 0.4% in August vs. 0.2% consensus and July reading of 0.5%. On year level CPI inflation is running at 3.8%.
Initial jobless claims in the U.S. were reported at 428.000 vs. 411.000 consensus and last week revised (up 6.000) reading of 417.000.