Headlines discussed at LNWM’s Monday morning briefing:
— The US added 266,000 new jobs in Nov. (vs 180,000 expected), indicating that US-China trade war is not hurting US hiring.
— China said it will waive import tariffs on some US soybeans (33%) and pork (up to 72%), ahead of new US tariffs due to kick in Dec. 15.
— OPEC and its allies agreed to deeper production cuts (500,000 barrels/day) to prop up oil prices, amid record high US production.
— The US trade deficit dropped in Oct. to $47.2 billion, its lowest level in more than a year, as both imports and exports fell for the month.
— Major imbalances in the US market for short-term funding (repo market) were outlined in a new report by the Bank of International Settlements.
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