The Institute for Supply Management’s manufacturing survey hit 59.7 in December. Economists expect3ed it to stay at 58.2, same as November. Readings above 50 indicate expansion.
On Tuesday, the Semiconductor Industry Association reported that sales of chips in November increased 21.5% to $37.7 billion. While sales rose the fastest in the Americas, with a 40.2% increase to $8.77 billion, the largest market was China, with $11.9 billion in sales, a 18.5% increase from November 2016.
The highlight for markets today is the minutes from the Dec. 12-13 Federal Open Market Committee meeting due out at 11 am Pacific time. Traders are looking for hints on how many times the Fed will raise interest rates in 2018. According to the CME Group’s data, the market is currently pricing in the next rate increase in March.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
