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By Tejal Rao

European Economics Preview: Germany Foreign Trade Data Due

Foreign trade from Germany and industrial production from France are the top economic news due on Friday.

At 2.00 am ET, Destatis is scheduled to issue Germany’s foreign trade and import price figures for October. Exports are forecast to fall 0.3 percent on month, slower than the 0.5 percent decrease in September. Likewise, the decline in imports is expected to slow to 0.4 percent from 2.3 percent.

At 2.45 am ET, France’s industrial production data is due for October. Production had decreased 0.8 percent in September.

At 3.00 am ET, unemployment data is due from Spain. The number of people claiming benefits is forecast to fall 20,300 after decreasing 27,000 in the previous month.

At 5.00 am ET, Eurostat is slated to issue euro area producer prices for October. Economists expect producer prices to rise 31.5 percent annually after rising 41.9 percent in September.

3M Recalls Scotch Thermal Laminators

3M (MMM) has recalled over half a million Scotch thermal laminators due to fire hazard.

According to the Consumer Product Safety Commission, the product was recalled because a safety feature can malfunction if the laminator overheats, posing a fire hazard. About 516,500 laminators were recalled in the U.S. and about 3,560 were sold in Canada.

3M said it has received nine reports of the laminators catching on fire, including three reports of minor property damage. No injuries have been reported.

The recall involves the Scotch thermal laminators that are light gray/white in color with gray accents with the following model numbers: TL1302, TL1302VP, TL1302EF, and TL1302KIT.

Consumers should immediately unplug and stop using the recalled laminators and contact 3M for a full refund and instructions on how to properly dispose of the laminator. Consumers should fill out the online recall registration form.

The recalled products were sold at Walmart, Staples, Costco and other stores nationwide and online at Walmart.com, Amazon.com and Staples.com from April 2014 through October 2022 for between $35 and $90.

Gold Shows Modest Move To The Upside Amid Lower Dollar

Gold prices moved modestly higher during trading on Thursday, extending the recovery from the steep drop seen on Monday.

After climbing $15.60 or 0.9 percent to $1,798 an ounce in the previous session, gold for February delivery inched up $3.50 or 0.2 percent to $1,801.50 an ounce.

The uptick by the price of gold comes amid a modest decrease by the value of the U.S. dollar, with the U.S. dollar index slipping by 0.3 percent to 104.77.

The dollar has moved lower ahead of highly anticipated reports on producer and consumer price inflation due on Friday and next Tuesday, respectively.

The Federal Reserve is widely expected to raise interest rates by 50 basis points next week, but the data could impact the outlook for future rate hikes.

“Gold looks like it will find a home around the $1,800 level until we have better indications with the path of prices,” said Edward Moya, senior market analyst at OANDA. “Key resistance remains the $1,830 level with decent support at the $1,750 region.”

While the producer price inflation data is likely to be in the spotlight on Friday, traders are also likely to keep an eye on readings on consumer sentiment and inflation expectations.

Target Recalls Cloud Island 4-Piece Plush Toy Sets

Discount retailer Target Corp. is recalling about 23,400 units of Cloud Island 4-Piece Plush Toy Sets citing choking risk, the U.S. Consumer Product Safety Commission said.

The recall involves toy vehicle sets, which are a soft, knitted construction and include a blue car, a yellow bus, a red tractor, and a green truck each with a rattle inside. Item number 030-02-1042 is printed on the fabric tag attached to the bottom each vehicle.

The toy sets, manufactured in China, were sold at Target stores nationwide and online at www.target.com from March 2022 through August 2022 for about $20.

According to the agency, the tires on the toy vehicles can detach, posing a choking hazard to children.

The recall was initiated after the Minneapolis, Minnesota-based firm received four reports of tires detaching from toy vehicles. However, no injuries have been reported to date related to the recalled product.

Consumers are urged to immediately take the recalled plush toys away from young children and return them to any Target store for a full refund.

Target in October had recalled about 12,800 tea kettles due to fire and burn hazards.

Crude Oil Shows Notable Downturn After Early Surge

After moving sharply higher in early trading, the price of crude oil showed a notable downturn over the course of the trading day on Thursday.

Crude for January delivery slid $0.55 or 0.8 percent to $71.46 a barrel after surging to a high of $75.44 a barrel early in the session.

With the downturn on the day, the price of crude oil extended a recent sell-off, falling to its lowest levels in eleven months.

Crude oil initially benefited from easing Chinese Covid restrictions well as news the Keystone Pipeline was shut down after an oil leak in Nebraska.

Buying interest waned over the course of the session, however, as traders remain concerns about the outlook for energy demand amid the possibility of a global recession.

“The initial spike following the Keystone Pipeline leak news was short-lived but with prices so close to the $70 level, we might not see much more weakness,” said Edward Moya, senior market analyst at OANDA.

He added, “The $70 level remains key for oil as that is where the Biden administration is expected to start to consider refilling the strategic petroleum reserve.”