Morning Economic News - November 28, 2008

Asian stocks rose Friday and US stock market futures are up a bit under half a percent. Oil futures are down just under 1% and the dollar is up against the Canadian dollar and the yen, down against the pound and euro. [3 AM Eastern]

Durable Goods Orders - October 2008

• >Nondefense Capital Goods Change: Down 3.6%


• New Orders: $193.0 billion


• New Orders Change: Down 6.2%

Jobless Claims - November 26, 2008

• Initial Claims: 529,000


• Change from Last Week: Down 14,000


• 4-Week Moving Average: 518,000

Personal Income and Outlays - October 2008

• Personal Income: $12,214.7 billion


• Monthly Change: Up 0.3%


• Real Disposable Personal Income: Up 1%

Weekly Mortgage Applications Survey - November 26, 2008

• Market Composite Index: 404.4


• Change: Up 1.5%


• Purchase Index: 261.6


• Change: Up 5.3%

More downward pressure on oil prices from inventory gains

For those heating with propane a bad winter cold snap could mean much
higher prices as inventories are below average for the season. With
refinery activity up, gasoline production up and jet fuel demand still
more than 17% below year ago levels, propane is the only major
petroleum category with real short term potential for a sustained price
spike. Distillate fuel demand is below last year levels, but this
category bears watching as the inventory levels approach the lower end
of the average range and demand is down the least of the reported
products.

Euro-Zone Confidence Plunges

Business and consumer confidence in the euro zone collapsed
in November, bolstering predictions the ECB may cut its key interest
rate more than expected.

New-Home Sales Decline 5.3%

New-home sales tumbled 5.3% to the lowest level in 17 years during October, while prices kept retreating.

Japan's Recession Deepens as Factory Output Slumps, Consumers Cut Spending Japan’s recession deepened last
month as companies cut production, consumers spent less and
fewer people looked for work.

India's Economy to Weather Mumbai Terror Attacks, Avoid `Doom and Gloom' India’s economy will probably
withstand the effect of yesterday’s terror attacks in Mumbai as
rising incomes and record harvests boost consumer spending.

Japan's Inflation Rate Slows for Second Month to 1.9% as Oil Prices Tumble Japan’s inflation slowed for a
second month in October as oil and commodity prices tumbled,
providing relief to cash-strapped households in a recession.

South Korea's Industrial Production Falls for the First Time in 13 Months South Korea's industrial production
fell for the first time in 13 months in October, adding to
concern the economy is headed for its first recession in a decade.

Japanese Companies Plan to Fire 30,000 Temp Staff by March, Ministry Says Japanese companies plan to fire more
than 30,000 temporary and part-time workers before the end of the
business year as the recession deepens.

Australian Consumer-Lending Growth Slows as Rate Cuts Fail to Spur Demand Lending to Australian consumers and
businesses grew at a slower pace in October, even as the central
bank embarked on the biggest round of interest-rate cuts since a
recession in 1991.

U.K. Consumer Confidence Stays Close to 30-Year Low as Recession Deepens U.K. consumer confidence stayed
close to the lowest level in more than three decades in November
as gloom about the recession deterred spending, GfK NOP said.

Almunia Says EU to Cut 2009 Outlook to `Negative Growth' as Crisis Endures The European Union will cut its
economic forecasts to project a contraction next year as the
region continues to reel from the impact of the global financial
crisis, EU Monetary Affairs Commissioner Joaquin Almunia said.

S.Korea output buckles, analysts scent recession 

SEOUL, Nov 28 (Reuters) - South Korea's industrial output
fell the most in two years in October, data showed on Friday,
suggesting the economy is slipping closer to its first
recession since the Asian financial crisis a decade ago.

Japan output slump heralds deep downturn, India slows

* Asian markets gain 6th day cheered by China action
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