Top-of-mind economic news as we start the week:
— The U.S. trade deficit widened to $78.2 billion in October as strong U.S. dollar boosted imports and drove exports to a 7-month low.
— The U.S. Producer Price Index (measure of wholesale prices) rose 0.3% from Oct. to Nov., above the 0.2% estimate.
— U.S. durable goods orders rose 1% from Sept. to Oct., much higher than the 0.4% anticipated; sign the Fed may need to do more to slow the economy.
— China in the past week has reduced areas in Covid-19 lockdown by 85%, including where most of the world’s iphones are produced.
— A $2.6 billion underwater pipeline from Barcelona to Marseilles will transport green hydrogen, meeting 10% of Europe’s energy needs by the 2030s.
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