SCOREBOARD: Cliff notes

US jobless claims fell and the deficit narrowed, but Wall Street still ended in the red as fiscal cliff worries rolled on.

Well for what it’s worth US data wasn’t too bad – jobless claims came down again – which is only good thing – and to 355,000 in the week to November 3 from 362,000. The expectation had been for an increase. Then on the trade front, the deficit narrowed to $41.6 billion from $43.8 billion on the back of a 3 per cent surge in exports – biggest gain in a year and to a new record high. Imports from China were up 1.5 per cent, so not a bad set of results. Somebody is buying US stuff right? And the US is still buying Chinese stuff.

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