NEWS

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Australia saw stronger than expected employment with full time jobs growth leading the way November, with Unemployment down to 6.8%. Positives included the participation rate at 66.1% and underemployment down 1% to 9.4%.

Biopharmaceutical company MacroGenics Announced Wednesday FDA Approval of MARGENZA™ for Patients with Pretreated Metastatic HER2-Positive Breast Cancer following Phase 3 clinical trials. Product launch anticipated in March of 2021

The Federal Reserve kept rates unchanged at their December meeting, kept QE infinity open with TALF for open-ended Treasuries, MBS and corporate bonds in amounts needed. Fed will continue to buy paper at current pace of $120B/month of Treasuries and MBS combined. Compare that to $40B/month in QE3.

EIA reported a draw in crude and lower builds in products . Crude oil  drew 3135kbbl with a build of 198kbbl at Cushing. Products had builds again with gasoline +1020kbbl and distillate +167kbbl. US production fell -100k to 11000 kbpd, still off record high of 13.10 mbpd. Oil Futures had reached the highest prices since March 2020.

China's LNG imports could hit a record high in Dec as industrial demand returns Reuters reported sources saying. Domestic gas consumption for early December up 20% year-on-year adding to the LNG demand.

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